Entries in George Papandreou (6)


Greece Names Lucas Papademos New Prime Minister

ARIS MESSINIS/AFP/Getty Images(ATHENS, Greece) -- After days of intense talks, Greece named former European Central Bank Vice President Lucas Papademos its new prime minister on Thursday.

Papademos, 64, replaces George Papandreou, who agreed to resign from the position mid-way into his four-year term amid growing pressure over Greece's debt crisis.

According to the president's office, the new prime minister will form a new interim government, tasked with approving the latest European bailout package and pushing more cost-cutting austerity measures.

The new government is scheduled to be sworn in on Friday.

Copyright 2011 ABC News Radio


G-20 Summit Begins with Greek Default Looming

David Ramos/Getty Images(CANNES, France) -- No one's going to be watching any movies when world leaders begin their G-20 summit in Cannes, France Thursday.

The big issue, and perhaps the only issue, is what to do about the European debt crisis that was aggravated this week by Greek Prime Minister George Papandreou's decision to put his country's bailout plan to a popular vote.

The European Union was ready to eat half of what's owed to them by Greece in return for its government imposing higher taxes and severely cutting back on social services that have nearly bankrupt the country.  But the Greek people are certain to turn down the referendum that won the backing of Papandreou's Cabinet on Wednesday.

Even before the summit started, German Chancellor Angela Merkel, French President Nicolas Sarkozy and officials from the EU and International Monetary Fund held an emergency meeting with the Greek prime minister and his financial chief to try to reach a compromise.

Should Greece default on its bills, the ripple effect would be devastating since so many European banks hold Greek debt.  The crisis has already affected global markets, including those in the U.S., although there was a modest rally on Wednesday both on Wall Street and abroad.

Copyright 2011 ABC News Radio


Greek PM George Papandreou to Step Down?

Chip Somodevilla/Getty Images(CANNES, France) -- Amid conflicting reports that Greek Prime Minister George Papandreou is preparing to resign, the White House stressed Thursday that, regardless of what happens in Greece, the Eurozone debt deal must be implemented swiftly.

“The steps that need to be taken are clear, again, irrespective of the political personality or situation at any given moment,” Deputy National Security Adviser Ben Rhodes told reporters in Cannes when asked about reports that Papandreou is going to step down. “What needs to be done as it relates to Greece, what needs to be done as it relates to stabilizing the Eurozone, was outlined last week and those steps are going to need to be taken going forward, irrespective of, again, where we are at any given moment in a country’s politics.”

While the Eurozone plan currently lacks specificity, White House aides said the situation in Greece highlights the need for a “firewall” to prevent one country’s troubles from spreading elsewhere in Europe.

“The situation there underscores the need to move rapidly...including having a firewall that is sufficiently robust and effective in assuring that a crisis does not spread from one country to another,” Deputy National Security Advisor for International Economic Affairs Mike Froman said. “That has been a consistent message that the President and Secretary Geithner have shared with their counterparts in Europe.”

Copyright 2011 ABC News Radio


Greek Prime Minister Calls for Surprise Referendum

Hemera/Thinkstock(ATHENS) -- Greek Prime Minister George Papandreou announced late Monday night, the decision to hold a referendum on the bailout approved for Greece last week. This move puts the extremely unpopular austerity measures to a popular vote, which could threaten the financial futures of both Greece and the euro.

If the popular vote is a no, the deal between Greece and the European Union would dissolve, almost certainly guaranteeing Greece would default on its debt by cutting off international funding. A yes vote would shift the responsibility of budget cuts onto the public, enacting the austerity measure and enabling Greece to receive aid from the IMF and the rest of the Euro zone .

This referendum is expected to take place in January.

Already the news has sent shockwaves through the European markets, as the DAX, CAC and FTSE all opened down.

French President Nicolas Sarkozy is holding an emergency meeting today of top government ministers to discuss Greece's surprise decision.

Copyright 2011 ABC News Radio


Greek Prime Minister Cancels US Visit

Chip Somodevilla/Getty Images(ATHENS) -- Greece’s debt crisis has caused a hitch in Greek Prime Minister George Papandreou’s plans to visit the U.S.

Bloomberg News reports that a statement was released Saturday from the Prime Minister’s office saying, “As the coming week is particularly critical for the implementation of the July 21 decisions in the euro area and the initiatives which the country must undertake, Prime Minister George A. Papandreou decided to cancel his scheduled visit to the U.S.”

Papandreou was planning to attend the United Nations General Assembly and IMF meetings slated to take place in the coming week.

Copyright 2011 ABC News Radio


Greek PM Papandreou Wins Confidence Vote

Chip Somodevilla/Getty Images(ATHENS, Greece) -- Greece's Prime Minister Tuesday survived a confidence vote, helping George Papandreou to push deeply disliked austerity measures that have sparked protests and strikes.  

There was applause inside Parliament after the vote late Tuesday, with 155 Socialist members getting behind Papandreou to win more than the required 151 votes.

Tuesday's vote has eased fears in the global market -- for now, at least -- about a possible shutdown which could have sent Greece into loan default.

Next Tuesday will be a big day to watch as the Greek Parliament will try to pass rather unpopular new austerity measures and a privatization package.

Copyright 2011 ABC News Radio

ABC News Radio