25/Jul/2014 - Last News Update: 04:58

Final push for Greece government falls to president

Category: Headlines

Published: 12th May 2012 05:02:13

Greek President Karolos Papoulias is preparing to hold talks with party leaders in an attempt to create an emergency government.

The move comes after the country's socialists became the third party to fail to form a coalition.

If the president's bid fails, fresh elections will have to be held, probably next month.

Last Sunday, voters backed parties opposed to Greece's bailout deal that requires deep budget cuts.

Greece's political turmoil has raised the possibility that it could default on its debts and be forced out of the eurozone.

The president is expected to try to pressure parties into a government of national salvation - but the BBC's Mark Lowen in Athens says he is unlikely to succeed.

The process could take days.

Evangelos Venizelos, leader of the socialist Pasok party, abandoned efforts to form a new government on Friday and said he would meet the president on Saturday morning.

He had held talks with centre-right New Democracy leader Antonis Samaras, whose party came first in the election, but could not find a third partner to give them a majority in parliament.

"I hope that during the negotiations chaired by Mr Papoulias everyone will be more mature and responsible in their thinking," Mr Venizelos said.

New Democracy also failed to form a coalition earlier in the week, as did the left-wing bloc Syriza, which came second in the election.

Syriza firmly rejects the terms of the EU-IMF bailout, which requires tough austerity measures in return for loans worth a total of 240bn euros (£192bn; $310bn).

Its leader, Alexis Tsipras, said on Friday he could not join any coalition that intended to implement the bailout deal.

"The rejection of this plan does not come from Syriza but was given by the Greek people on the night of the election," he said.

"The bailout austerity has already been denounced by the Greek people with its vote, and no government has the right to enforce it."

Analysts say Syriza could be hoping for fresh elections after one opinion poll put them in first position in any new ballot, albeit without an overall majority.

Sunday's election saw a backlash against Pasok and New Democracy, which had formed the outgoing coalition and had agreed the terms of the bailout.

The once-dominant Pasok, which was seen as the architect of austerity, came third with just 41 seats in the 300-seat parliament.

The Greek crisis is continuing to create unease is global financial circles.

The Fitch ratings agency warned that if Greece did leave the euro, it would probably place all 16 remaining euro nations' sovereign ratings on "rating watch negative" - meaning they would be in danger of being downgraded.

"A Greek exit would break a fundamental tenet underpinning the euro - that membership of EMU (Economic and Monetary Union) is irrevocable," Fitch said.

EU monetary affairs chief Olli Rehn said Greece had to abide by its bailout terms.

"Greece systemically lived beyond its means for a decade... It is simply not sustainable and therefore Greece has had to take firm action to restore its economic competitiveness and sustainable public finances," he said.

Source:
BBC News External Link Show Citation

Latest News

Harvard Citation

BBC News, 2012. Final push for Greece government falls to president [Online] (Updated 12th May 2012)
Available at: http://www.ukwirednews.com/news/1428121/Final-push-for-Greece-government-falls-to-president [Accessed 25th Jul 2014]

News In Other Categories

  • 'Disobedient objects' chart history of protest at V&A

    Protest movements, from the Suffragettes to Occupy, have produced their own unique items designed to challenge the status quo. And for the first time these "disobedient objects" have been brought together in an exhibition at London's Victoria & Albert museum.
  • 'Disobedient objects' chart history of protest at V&A

    Protest movements, from the Suffragettes to Occupy, have produced their own unique items designed to challenge the status quo. And for the first time these "disobedient objects" have been brought together in an exhibition at London's Victoria & Albert museum.
  • Exam reform delayed by 'significant numbers' of schools

    Dozens of schools across Scotland are delaying the introduction of new Highers in popular school subjects, according to BBC Scotland research.
  • McDonald's halts nuggets sales in Hong Kong

    Fast food chain McDonald's has suspended sale of chicken nuggets and some other products in Hong Kong.
  • Bristol Academy extends reach overseas with first foreign students

    With the doors to its brand new £1million training centre officially open, one of the UK's leading apprentice training providers, Bristol based S&B Automotive Academy, is showcasing its world-class facilities by launching a series of foreign student exchanges for the first time in its 41-year history. To get a flavour of what life is like as an apprentice in the UK, the Academy hosted 16 apprentice engineers and bus drivers from the G9 Automotive College in Hamburg, Germany, as part of a Europe-wide vocational training initiative called the ‘Leonardo Programme’ with support from the European Social Fund. In a reciprocal arrangement, S&B will be sending nine apprentices to Germany during February 2012 so that they can get an appreciation of life in the automotive industry on the Continent. A further three German exchange groups are being planned for next year. Designed to assist the development of vocational skills and training across Europe, including work placements for trainees, the Leonardo Programme has a budget of €1.75bn, which is helping to encourage UK organisations to work with their counterparts abroad. In what is expected to be another challenging year for employers in the UK automotive sector, S&B’s Chief Executive, Jon Winter, claims that the exchange initiative will bring many benefits to the Academy and its apprentices: “In a world of global automotive brands, it’s important for our learners to understand the international context of the industry they have chosen to make their career. This new exchange programme will enable apprentices and Academy staff alike to achieve a better understanding of the challenges and opportunities within the automotive arena in Europe. With the Academy’s influence also extending to the USA and Asia, there’s every possibility that this initiative could move further afield in the future.” Continued Winter: “The need for skilled technicians across the world is on the increase and we actively encourage our apprentices to look at broader horizons during their training. Many of them have already learned the phrase ‘Vorsprung durch Gelehrtheit’, quite simply, ‘Advancement through learning.” In the 2010/11 academic year, S&B doubled the number of successful Apprenticeships over the previous year with some 350 apprentices graduating from the Academy. At the same time, achievement levels reached an all-time high with an overall success rate of 85%. For those learners on the Advanced Apprenticeship three-year programme, success rates were even higher, at over 98%. PHOTO CAPTION: As part of their exchange visit, S&B Automotive Academy arranged for the German apprentices to visit Hampshire bus operator, Bluestar, at its Barton Park depot. The students are pictured with S&B’s Andy West (3rd right) and Steve Prewett, Bluestar’s Area Engineering Manager (2nd right). Ends http://www.sandbaa.com
  • South Korea ferry owner death cause 'unknown'

    South Korea's forensic agency says it cannot determine the cause of death for the fugitive tycoon blamed for the recent ferry disaster.