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Sunday, November 06, 2011

Greece Update

by Calculated Risk on 11/06/2011 08:43:00 AM

It seems likely the Greek Prime Minister George Papandreou will resign today after an agreement is reached on a coalition government and an interim Prime Minister.

There is a cabinet meeting starting at 9 AM ET.

From Athens News: Negotiations over coalition underway

The government spokesman announced on Sunday morning, speaking on a current affairs TV programme, that an agreement over a coalition or unity government could be worked out the same day, while adding that the name of a new prime minister could also be announced.

Spokesman Ilias Mossialos underlined that negotiations are underway, clarifying that the name of the new premier must be announced by tomorrow. However, he cautioned that current Prime Minister George Papandreou would resign only when the two issues are finalised.

... main opposition New Democracy party cadres have been quoted as saying the party will agree to such a prospect as long as a transitional government lasts no longer than six weeks, time enough to ratify and implement a series of landmark recent agreements Athens has signed with its creditors.
From the WSJ: Greek Leader May Step Down
Greek Prime Minister George Papandreou may announce his resignation after a cabinet meeting Sunday that will pave the way for a coalition government ... Earlier in the day, Antonis Samaras, the head of Greece's main opposition New Democracy party, called for Mr. Papandreou's immediate resignation, indicating that he was open to talks with the ruling socialists over forming a coalition government.