Today's Coming Crisis Movie

Friday, November 4, 2011

5 voices on the Greek crisis

The Greek government is facing enormous pressure to resolve the country's debt crisis. On Wednesday the finance minister of Greece came out against Prime Minister George Papandreou's plan for a referendum on the debt deal Europe is offering for Greece. Then Thursday he said he was backing off that plan, saying there is no need for it given opposition support for the tough austerity measures which accompany it. It is not clear if that meant he was canceling the referendum, the announcement of which sparked chaos in the markets.

Leaders of Germany and France have warned that if Greece doesn't accept the offered arrangement, there would be a nearly simultaneously default, and that Greece would have to leave the euro zone. (Need to understand more about the euro zone? Watch this economist explain)

Papandreou's office Thursday said he is prepared to enter a national unity government with the opposition, but is not willing to hold early elections -- a condition opposition leader Antonis Samaras attached to his offer of a unity government earlier Thursday.

Further ratcheting up anxieties, Papandreou is facing a vote of confidence in Greek parliament Friday. Early Thursday morning there were rumors that Papandreou might resign. But early Thursday afternoon his office explicitly said he had no plans to resign. more