11.08.2011

Referendum Will Confirm Greece in Euro: Papandreou

The Greek Prime Minister George Papandreou said the referendum on the European rescue plan to confirm the membership of the euro as he leave the plan to hold a vote among the signs that governments collapse.

"The referendum is a clear mandate and a strong message to Europe and out of Greece in our courses and our participation in the euro," says Minister Papandreou in Athens early today, according to a transcript of an email . The "make sure it is, of course, the most unmistakable." Cabinet agreed to support the plan.

Papandreou will travel to France today to meet European leaders were surprised by the decision to put the bailout plan and call a national vote of confidence vote in parliament. His power was weakened after a member of parliament from the socialist PASOK party deserted her, leaving her 152 deputies to 300-seat chamber, while others, Vasso Papandreou, called for the establishment of a government of national unity.

Four lawmakers have criticized the referendum plan, short of dropping out, and six members of the party requesting the prime minister to resign in a joint letter, the Athens News Agency said yesterday. The opposition parties have increased in the electoral process. After a nine-hour meeting, Papandreou get the unanimous support of his cabinet for the plan.

"Yes or No"

"Difficult conditions are not" the government of this or that, '"said Papandreou. "Difficult conditions are" yes or no to the loan agreement "," yes or no to Europe "," yes or no to the euro. "

The euro erased a 0.5 percent decline against the dollar after Papandreou of the cabinet supports the proposal. The money is $ 1.3711 per dollar at 10:44 in Tokyo, after having traded as low as $ 1.3637.

Elijah Mosialos government spokesman told reporters in Athens after a meeting of the referendum held "as soon as possible."

Papandreou decided to seek the help of the Greek electorate is a new challenge for the European Union-led bailout agreed last week involving 50 percent of Greek loan repayments and austerity measures in the country. The risk is that the rejection of the referendum result in a default base and cast doubt on Greek euro members.

"Coney Island roller coaster

"Every day in the treatment of Greece is like getting an agreement on the Coney Island roller coaster," says Charles Dallara, head of the Institute of International Finance, the BBC Newsnight program. "It took some sharp turns, unexpected, and every bit of shaking, but then settles and we need to move forward and that is what we should do in the last 36 hours or more. We remain focused on these agreements. "

Papandreou, 59, wanted to hold a referendum after the details of a rescue package approved last week second in Greece. The confidence vote in parliament, is scheduled to start now and finish later this week.

Papandreou will travel to Cannes, France today to inform the German chancellor, Angela Merkel, French President Nicolas Sarkozy and European Central Bank president Mario Draghi, and other officials on developments in that country.

They will join the Prime Minister of Luxembourg Jean-Claude Juncker, European Commission President Jose Manuel Barroso, director of the International Monetary Fund, Christine Lagarde, and the European Union's monetary affairs commissioner Olli Rehn.

Funding clouds

New cycle of political instability questioned Greece's ability to access emergency funds to stay afloat financially. The IMF Executive Board will meet in mid-November to decide to pay its share of the redemption of the sixth part, for a total of € 8,000,000 ($ 11 billion).

The Greek authorities also outline international officials in the coming weeks how it will ensure that the seventh round of funding. Finance Minister Evangelos Venizelos said the government should implement the "rescue measures" to ensure 14400000000 Greece € of the Bonds maturing in March, according to Bloomberg data show "a long-term maintenance of public debt is Greece. ".

Papandreou was not supported by confidence surveys. 1.009 Most respondents on October 27, today announced a new rescue package, said the agreement should be submitted to referendum, according to results of survey on Kapa Research, published in the newspaper To Vima.

Forty-six percent said they oppose the plan to referendum. In the same survey, more than seven in 10 favor of the Greek left in the euro.

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