Papademos threatens to resign if not backed by parties

Date: Friday 03 Feb 2012

Greek daily Ekathimerini reports that Greek Prime Minister Lucas Papademos has threatened to resign if the country's political parties do not support the new fiscal austerity measures requested by the "troika" (European Union, European Central Bank, and International Monetary Fund).

Papademos will meet with socialist party leader Yorgos Papandreou, New Democracy leader Antonis Samaras, and Yorgos Karatzaferis of the LAOS (Popular Orthodox). The four politicians must agree on how they will please the "troika" and the private bondholders with which they have been negotiating for weeks.

The political leaders are unable to agree on a reduction of the minimum salary nor an adjustment to the number of vacation days. Jose Luis Martinez Campuzano, Citi strategist in Spain, says that room for political manuevering will be limited with the elections coming up in April.

Papademos replaced Papandreou as Prime Minister without elections due to pressure from Brussels. The previous leader had planned to pass a referendum with the measures proposed by the "troika."

M.G.

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