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George Papandreou

Greek PM denies euro exit; says leave Greece alone
(Reuters)



Reuters - Greek Prime Minister George Papandreou on Saturday denied there was even unofficial discussion over Greece quitting the euro zone and asked that his troubled country be "left alone to finish its task."
Source: Yahoo! News: Business - European Economy

Papandreou George

Greek Prime Minister George Papandreou survives a confidence vote after days of turmoil sparked by his proposal to hold a referendum on a bailout for his country.

Having backed off the referendum plan, Papandreou announced just before the confidence vote he would seek a coalition government.

Political instability in Greece has caused political and financial jitters throughout Europe and beyond, as world leaders met in France for the G-20 economic summit with concerns that Greece's woes could spread to major European economies.

President Barack Obama told the summit that events in Greece underscore the importance of implementing a Greek economic bailout plan fully and quickly. Ref. CNN

George Papandreou History & Civil Business Politics

Greek Prime Minister George Papandreou will resign after the makeup of the nation's new coalition government is decided, officials said Sunday.

Sunday's Cabinet meeting will be the last with Papandreou as prime minister, a government spokesman said in a statement.

The meeting will focus on issues relating to Monday's Euro group meeting, at which Finance Minister Evangelos Venizelos will represent Greece, the statement said.

A spokesman for Papandreou's Socialist PASOK party said the prime minister will resign after the government is announced.

Venizelos is likely to remain in his post as finance minister in a new government, sources told Greek television. Candidates for the prime minister's job include Petros Moliviatis and Loukas Papaimos, according to Greek television.

The new government will have a life of four months, according to Greek television, citing sources, and elections will be held in early spring.

The announcement comes amid economic and political turmoil in Greece and the formation of a coalition government tasked with saving the nation from bankruptcy.

A Greek default could drag down larger European economies, in particular those of Italy and Spain, as well as struggling Portugal and Ireland, analysts warn. Ref. CNN