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New Greek coalition wins confidence vote

ATHENS, Greece — Greece's new coalition government easily won a confidence vote in parliament Wednesday, backing a pledge by Prime Minister Lucas Papademos to speed up long-term reforms and secure a massive new bailout deal involving banks and rescue creditors.

The government formed last week by the majority Socialists, rival conservatives and a small right-wing nationalist party won the vote with 255 in favor and only 38 against in the 300-member parliament.

Papademos' government, which is temporary and expected to be in power for only a few months, is tasked with pushing through the 130 billion euro new debt deal agreed on last month and securing a vital installment of Greece's initial bailout loan, without which the country faces a potentially catastrophic default in a month's time.

Papademos must also oversee the implementation of a raft of austerity measures already passed, including increased taxes and the suspension of about 30,000 civil servants on partial pay.

Greece is in the throes of an unyielding debt crisis which has brought the nation to the brink of bankruptcy.

New Greek coalition wins confidence vote 11/16/11 [Last modified: Wednesday, November 16, 2011 10:32pm]
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