Bloomberg News

Report of Papandreou Resignation Offer Untrue, Government Says

October 08, 2011

Oct. 8 (Bloomberg) -- A report that Greek Prime Minister George Papandreou may resign to make way for a national unity government is false, a government spokesman said.

“He is not willing to resign,” spokesman Ilias Mossialos said by telephone today. “He enjoys the support of his parliamentary group.”

Greek newspaper Imerisia reported today, without citing anyone, that Papandreou was willing to offer his resignation in order to form a unity government to pass measures needed to avert a default. Some lawmakers from Papandreou’s governing Pasok party were reluctant to accept the political cost of new budget measures, the newspaper said. Papandreou’s party has 154 seats in the 300-member Parliament.

Finance Minister Evangelos Venizelos said yesterday that Greece has sufficient cash to meet its needs until mid-November. European Union and International Monetary Fund officials are awaiting a report from a team of inspectors to determine approval for a sixth loan installment of 8 billion euros ($10.7 billion) under a 110 billion-euro bailout approved in May 2010.

--Editors: David Risser, Mike Harrison

To contact the reporter on this story: Tom Stoukas in Athens at astoukas@bloomberg.net.

To contact the editor responsible for this story: Angela Cullen at acullen8@bloomberg.net.


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