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Greek PM Steps Down
| International News by Staff ReporterAs plans are made to form a new coalition government
Greek Prime Minister George Papandreou and opposition parties have agreed to form a new coalition government in order to enact a 130-billion euro emergency package.Papandreou would step down as Prime Minister when the new government takes over, according to the office of the Greek president.
As Greece faces the reality of running out of money within the next few weeks the European Union (EU) has given the country an ultimatum, saying the bickering political parties need to get serious about tackling the huge debt problems and by Monday have a plan on how they will form a unity government.
“An agreement was reached to form a new government to immediately lead the country to elections after ratifying the decisions taken by the European Council,” the Greek presidency said after talks between Papandreou and the conservative opposition.
Leaders would meet on Monday to discuss who would head the new government. Elections have been scheduled for February, the presidency said.
George Papandreou and opposition leader Antonis Samaras would hold talks on Monday where the country’s new leader and cabinet would be announced.
The announcement of the new coalition government briefly lifted the euro in early Asian trade on Monday to $1.38, but was seen to drop again to $1.377.
Source: www.bizpremises.co.za
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