Less than a week after replacing George Papandreou, interim Prime Minister Lucas Papademos faces a confidence vote in the Greek Parliament. Papademos is expected to easily pass the vote as he currently has the support of the Greece’s two largest parties.
Once the vote is completed, Papademos, a former central banker, is then expected to begin negotiations to formalize the debt relief agreement stemming from the October 26th summit meeting. This deal calls for a total of 130 billion euros ($176 billion) in emergency funding for Greece in return for a series of debt reduction measures to close Greece’s annual deficit. Greek bond holders are also expected to take a 50 percent write-off as these bonds mature.
Source: The Canadian Press
Content is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please access the RSS feed or contact us at info@marketpulse.com. Visit https://www.marketpulse.com/ to find out more about the beat of the global markets. © 2023 OANDA Business Information & Services Inc.
Latest posts by Scott Boyd (see all)
- Japan’s Demographic Trap - 25 June 2012
- Officials Talk Openly of Greek Euro Exit - 16 May 2012
- Greek Voters Prepare to Roll the Dice - 15 May 2012