Friday, February 10, 2012

Greece Update: More Delays and Demonstrations

by Bill McBride on 2/10/2012 03:52:00 PM

Update: from CNBC: Greek Cabinet Approves Reform Bill; Parliament Expected to Vote on Sunday

From the NY Times: Greece Plunged Into Political Turmoil Over Austerity Measures

Political turmoil deepened here Friday as Prime Minister Lucas Papademos threatened to eject from his fragile interim coalition government any ministers who objected to the country’s new austerity deal with

“It goes without saying that whoever disagrees and does not vote for the new program cannot stay in the government,” he said in a televised speech to his cabinet following the resignation of several ministers and their deputies.
According to local news media outlets, Mr. Papademos plans to announce a reshuffled cabinet on Monday, putting in doubt a parliamentary vote on the new measures that was scheduled for Sunday.
From the Athens News: Parties delay crisis meetings, but Venizelos meets minister
Pasok and New Democracy pushed crisis meetings at their parties back by a day to Saturday, as the coalition government grappled with cabinet resignations and a fierce backlash against minimum wage cuts and other new austerity measures.
The finance minister got a hostile reception in Brussels on Thursday, when top eurozone officials told Greece to finalize austerity measures, provide written commitments from the three coalition parties, and push the new measures through parliament before the 130bn deal is approved.