Greek Leaders Reach Deal to Form a New Government

[pinto]

Source: NY Times

By RACHEL DONADIO and NIKI KITSANTONIS
Published: November 6, 2011


ATHENS — Prime Minister George A. Papandreou and his chief rival agreed Sunday night to create a new unity government, under a new prime minister, that will move ahead with the country’s debt-relief deal with the European Union and then hold new elections. Mr. Papandreou agreed to resign once the details are completed on Monday.

The agreement appeared to break a political deadlock that had paralyzed Greece in the face of an acute financial crisis that threatened to infect other euro-zone nations, especially Italy. European leaders see the debt-relief deal struck with Greece on Oct. 26 as crucial to containing the crisis in Greece and insulating Italy, a much larger economy whose political leaders have also struggled to cut budgets and deal with heavy debt.

The agreement in Greece could not have come soon enough for its European partners, who have pressed the country hard to forge a broader political consensus behind the debt deal. But it was not clear whether the agreement would provide the certainty that skeptical investors are demanding to calm turbulent financial markets.

The new unity government, in which the major parties would share power, is widely expected to be led by a nonpolitician and to govern for several months, long enough to carry out the debt deal and pass a budget for 2011. The name of the new prime minister and the composition of the new cabinet are not expected to be announced until Monday, when the leaders will meet again, according to a statement Sunday night by the Greek president, Karolos Papoulias, who moderated the talks on Sunday.



Read more: http://www.nytimes.com/2011/11/07/world/europe/pressure-mounts-on-greek-premier-to-resign.html

[Harmony Blue]

1. It's all a sham

that is what the Greek media are saying.

[pinto]

2. Yeah, seems like they're dancing around it all politically.

I'm not real fluent in what it means to the EU or the Eurozone, but the Greek social / economic news has caught my attention.

[tabatha]

3. I think Goldman Sachs should be dissolved

and their profits shared amongst the people they hurt.

[Little Tich]

4. I feel sorry for the Greeks, there is no good way out of the financial crisis.

They have been declared expendable casualties who are allowed to live if they give away everything they own.

[rpannier]

5. I'll be interested in a new party develops in opposition to the deal

If it does and they do win, it will get very interesting