Search open for Greek Prime Minister, after Gorge Papandreou failed to form coalition governance to secure euro zone funding

Search open for Greek Prime Minister, after Gorge Papandreou failed to form coalition governance to secure euro zone funding

The search for new Prime Minister for Greece is on, as current PM George Papandreou struggled to form coalition leadership to secure the 130 Billion euro bailout proposed by euro zone.

Leader of conservative party, Antonis Samaras said, "This is the third time that I’ve come here over the same issue. I hope it will be the last.”

Papandreou and Samaras gathered at the presidential palace on the fourth day to have a detailed talk about the coalition leadership in Greece.

Though current prime minister did survive the confidence vote in favour with minor lead, but he made a hard effort to complete the bailout for the Greece.

Even after winning in the parliamentarian voting he had a lot of work to do in terms to secure the bailout plan for the country. The bailout plan was aimed to held under transparency with a leaders from different parties gathered on the agenda.

Apparently the parliamentary speaker was chosen to be appointed as the prime minister, but the plan failed due to some odds.

On the other side a former official of European Central Bank was claimed to be the favourite for the post.

Former Vice President of European Central Bank, Lucas Papademos is likely to be the next prime minister of the country.

The reported decision was taken positively in the share markets and the Greek banking shares rose 6.7 percent on the following day.

It was an after affect of the report that Papademos was chosen to be the next person for the job.

The chances are high for Papademos. The new leadership along with the coalition will have to pass a budget for 2012. This step will be followed by the payment of 8 Billion Euros.

It will be taken as the first instalment for the complete bailout plan to rescue Greece out of financial crisis. The country has only enough money to survive till December 2011.

Some people in the country suppose that the failure in resolving the political stress would end Greece in an obnoxious future with an exile from euro zone.

Papandreou expressed that he was trying to hand over the leadership to coalition but it failed to the collapse of the deal, which affected the posting of national assembly speaker, Filippos Petsalnikos, as prime minister.

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Posted by Samer Ahmed on Nov 10 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