Greece

PM fails to get opposition backing


Published

Greek prime minister, George Papandreou, of the Panhellenic Socialist Movement (PASOK) has failed to get agreement with the centre right New Democracy (ND) led by Antonis Samaras for further austerity measures.

Greece was the first of the Eurozone countries to seek financial assistance from the EU and IMF following reforms to reduce the debt burden in 2010. With debts rising to as much as $513 billion this year, the EU and IMF has insisted that the opposition should sign up to further austerity measures so that the bailout will be taken beyond the general election in 2013 if there were to be a change in government.

The opposition leader has refused to agree to further moves to cut jobs. The government has already cut jobs and wages as well as pensions and increased taxes.

Papandreou has said that he will continue with the reforms whilst trying to get opposition backing.

Meanwhile, up to 15,000 people demonstrated in central Athens and across Greece against the austerity measures in a copy cat of the Spanish demonstrations last week.

Tagged with:

More detailed briefing on the politics and risk of doing business in this country is available to clients and subscribers. If you would like to know more then please contact enquiries@tradebridgeconsultants.com