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Papandreou Confidence Vote May Decide Greek Fate

Negative vote could lead to elections, renegotiation of financing package.

By Maria Petrakis, Bloomberg | Updated on June 21, 2011

Greek Prime Minister George Papandreou faces a confidence vote in his government today that may determine whether Greece becomes the first euro-area country to default.

Tonight’s vote caps a week of turmoil for Papandreou, who fended off a revolt from the ranks of his ruling socialist Pasok party in parliament last week. That came after opposition parties rejected his call for a national unity government. European Union leaders have insisted Papandreou secure multi-party support for austerity measures that are a condition of the aid needed to avoid default as soon as next month. A vote on the fiscal plan is due next week.

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