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Sat, 09/28/2024 - 11:37
Submitted by maithuy on Sat, 11/05/2011 - 09:17
Greek Prime Minister George Papandreou survived a parliamentary confidence vote on November 5, avoiding snap elections which would have torpedoed Greece's debt crisis bailout deal and inflamed the euro zone's economic crisis.

But the nation remained mired in political, social and economic turmoil and Papandreou signaled he would stand down, calling for a new coalition to ram the 130-billion-euro bailout deal through parliament and avoid the nation going bankrupt.

Papandreou's socialist government won with 153 votes in the 300 member parliament, and a rebellion by some dissidents in his PASOK party failed to materialize after he indicated that his term as prime minister was close to an end.

Papandreou said the new coalition government should secure the approval of the euro zone bailout deal, the nation's last financial lifeline, which is also the euro zone's central plank to prevent economic crisis devastating the bloc's bigger economies.

The leaders of France and Germany told Papandreou earlier this week that Greece would not get one more cent of EU aid if it failed to approve the bailout, meaning that the state would run out of money in December.

Papandreou told parliament that he would go to the Greek President on November 4 to discuss formation of a broader-based government that would secure the euro zone bailout, adding that he was willing to discuss who would head a new administration.

The meeting will take place at noon (6 a.m. EDT).

Reuters/VOV

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