Greek Cabinet Approves Euro Referendum

"Greek Cabinet Approves Euro Referendum" by Reut Cohen for Neon Tommy, November 1, 2011:

Greece’s Prime Minister Georgios Papandreou has the unanimous backing of his cabinet over the latest plan to pull the country out of a colossal debt crisis following speculation that his government is on the verge of collapse.

"The referendum will be a clear mandate and strong message within and outside Greece on our European course and our participation in the euro," Papandreou said.

On Wednesday Papandreou will meet with European leaders in France.

Here’s more from Bloomberg:

Papandreou will fly to France today to face European leaders surprised by his decision to put the bailout plan to a national vote and call a confidence vote in parliament. His grip on power weakened after a lawmaker from his socialist Pasok party defected, leaving him with 152 deputies in the 300-seat chamber, while another, Vasso Papandreou, called for the formation of a national unity government.

Papandreou faces increasing criticism from his own party over rigid austerity policies in EU's bailout deal for Greece.

Austerity measures have been protested—even violently—by the Greek public. A recent poll shows that more than half of Greek voters are against the austerity package.

Posted in: European Union,Greece,Neon Tommy