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ATHENS (Reuters) - Greece's prime minister faces a grilling from the leaders of Germany and France on Wednesday after fighting to win the backing of his cabinet to hold a referendum on a 130 billion-euro ($178 billion) bailout package.
French President Nicolas Sarkozy and Germany's Angela Merkel summoned George Papandreou for crisis talks in Cannes, before a G20 summit of major world economies, to push for rapid implementation of measures to tackle the euro zone debt crisis, which Athens has thrown into doubt.
"This announcement took the whole of Europe by surprise," Sarkozy said on the steps of the Elysee Palace in Paris. "The plan ... is the only way to solve Greece's debt problem."
Papandreou's gamble guarantees weeks of uncertainty just as the 17-nation European currency area is desperate for a period of calm to implement the remedies agreed last week to corral its sovereign debt crisis.
Some of Papandreou's party called for him to quit, accusing him of endangering Greek euro membership with his shock decision to call a popular vote, a move that pummeled the euro and global stocks.
But the cabinet support at least gives him a stay of execution before a confidence vote in parliament on Friday.
"The referendum will be a clear mandate and a clear message inside and outside Greece on our European course and participation in the euro," Papandreou told a cabinet meeting that lasted seven hours.
"No one will be able to doubt Greece's course within the euro."
Even if he wins the confidence vote, the euro zone faces weeks of uncertainty in which markets can create havoc. Lose and Greece faces disorder which would hammer Europe's banks and threaten the much larger economies of Italy and Spain, which the currency bloc may not have the resources to bail out.
and Turkey doesn't need Europe anymore, Europe will need it but it won't join :) Nonsense to join a bullshit :) Already in huge crisis, euro sucks economies sucks there see Gayreece:)
Gaylipooo 3 months ago
Turkey sucks also! Turkey has nothing for Europe just cheep worker of tomorrow!
go and build just one highway in ur country, than we can talk :D
violabonbon 3 months ago
@violabonbon ahahaha idiot, Turkey builded many double highways in last 5 years, you don't read don't look at tv? :) they have no crises, they live in welfare but we greeks suck as usual a naughty pansy boy of Europe and beggar gypsies
Gaylipooo 3 months ago
@violabonbon tell me something greece produce :) just you have a tourism and it slips away from your hands too.) you have nothing, you are very lazy nation your banks close at 2 pm, we work hard and pay taxes regularly we passed through crises as well and overcome them strongly by paying taxes extra money but you paid nothing you just ate and did shit, you just waited for european heroes to save you .) u are a colony of EU, TR is independent country no dependance to anybody, any nation like u
Gaylipooo 3 months ago