Greek Prime Minister George Papandreou wins the vote in favour of euro zone multibillion euro bailout

Greek Prime Minister George Papandreou wins the vote in favour of euro zone multibillion euro bailout

The Greek Prime Minister George Papandreou won the parliamentary voting in favour of the 130 Billion Euro bailout proposed by EU. The Greece faced debit crises and had a chance to save it from bankruptcy.

Papandreou had a strong believe to that the plan would help the Greek nation to step out of political, social and economic turmoil. The prime minister won the voting with 153 votes out of 300 parliamentarians.

Papandreou stated to the parliament, "The last thing I care about is my post. I don’t care even if I am not re-elected. The time has come to make a new effort … I never thought of politics as a profession."

Some members of his PASOK party did also step against the bailout plan proposed by Papandreou. However the opposition even from inside the party failed to rule it out. The prime minister also claimed that his team as prime minister was close to a dead end.

He also added that the new coalition in the government should ensure the approval of the euro zone bailout deal. It was considerably the last hope for the nation to step out of the debt crises.

It will also help the unstable economy of euro zone to stabilise and boost the value of euro. The plan will help to end the crises for bigger economies of the zone.

During the previous meetings the leaders from France and Germany told Papandreou that Greece would not be able avail any amount of further funding, if it fails to approve the bailout plan.

With the possible failure of the bailout plan, Greece would have run out of money by coming December.

His further plans were to meet the president to discuss the idea of a broader collative government. It would help to secure the euro zone bailout. He will also be discussing the opportunity to lead the new administration.

"Elections at this moment not only equal disaster but could not take place in the best interest of the people. There is one solution. To support the (EU bailout) deal with a multiparty approach, without elections, with a strong government," added Papandreou.

With his success in the parliamentary voting he ruled out the option of immediate elections, as it would trigger financial problems for the nation.

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Posted by Samer Ahmed on Nov 5 2011. Filed under World. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry