Greek PM survives confidence vote in parliament

Greek Prime Minister George Papandreou survived a confidence vote in parliament, winning a gamble on his govt survival.

Athens: Greek Prime Minister George
Papandreou survived a confidence vote in parliament early
on Wednesday, winning a gamble on his government`s survival and the
danger of a devastating debt default.

Papandreou won more than the absolute majority of 151
votes he needed in the 300-member legislature to face down an
internal party revolt and help him pass deeply disliked
austerity measures that have provoked strikes, protests and a
slump in his popularity.

The vote was being conducted by roll call after a
heated debate that saw sections of the opposition briefly walk

A loss would have likely led to early elections and
thrown into question whether Greece could pass the new
austerity bill by the end of June as demanded by the country`s
international creditors. Unless the new measures pass, Greece
will not receive the next batch of funds from its bailout
loans, and will face a disastrous default.

Greece is being kept financially afloat by USD 157
billion EU-IMF bailout fund.

A default by Greece could spark a financial maelstrom
around the world, dragging down Greek and European banks as
well as stoking renewed fears over the finances of other
eurozone countries, such as Portugal, Ireland and Spain.

Expectations that Papandreou would win lifted world
markets. His Socialist party holds a five-seat majority in the
300-member legislature.


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