Greek PM survives confidence vote

| June 22, 2011
”Greek

Greek Prime Minister George Papandreou last night survived a crucial confidence vote by 155 to 143.

EU leaders were insistent that Mr Papandreou’s new cabinet secure support for new austerity measures that are a condition of the latest instalment of financial aid for the country.

MPs will now have to approve the next round of austerity measures later this month in order to receive the next instalment of €12 billion from its loan – the country needs the loan to repay its debts.

If the Government had lost the vote, early elections would have been called and this would cast doubt over whether the new austerity measures would have been passed.

In the meantime, talks are taking place with regard to a second bailout package of €120 billion for Greece to support the economy until 2014.

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