Papademos now has until early elections, likely to be held some time in February, to put Greece back on track to economic health. His first priority will be that of ensuring parliamentary approval for the €130 billion ($177 billion) EU bailout package for his country and the planned 50 percent slashing of Greek debt. European Union officials have made that approval a condition for receipt of the next €8 billion tranche of the first bailout package assembled for Greece back in early 2010.Should be interesting.
Friday, November 11, 2011
May as well conclude the saga
As it is Greece, perhaps we should use another word. Well, farce will do. Anyway, ring out the bells: the Greek unity government has been formed. It will be led by the first candidate, before the Finance Minister tried to get in on the act, former ECB Vice President Lucas Papademos, the man who finessed Greece into the euro.