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Greek PM George Papandreou to unveil new cabinet | Greek PM George Papandreou to unveil new cabinet |
(about 1 hour later) | |
Greek Prime Minister George Papandreou is set to announce a new cabinet in a concessionary move as he seeks support for new austerity measures. | Greek Prime Minister George Papandreou is set to announce a new cabinet in a concessionary move as he seeks support for new austerity measures. |
Mr Papandreou, who will stay in his post, says he will put the new government to a vote of confidence in the parliament. | Mr Papandreou, who will stay in his post, says he will put the new government to a vote of confidence in the parliament. |
Renewed fears that Greece will default on its debt have shaken markets. | Renewed fears that Greece will default on its debt have shaken markets. |
The proposed measures are necessary to gain EU and IMF aid, but have been met with fierce opposition in Greece. | The proposed measures are necessary to gain EU and IMF aid, but have been met with fierce opposition in Greece. |
Athens witnessed some of the most violent protests in more than a year on Wednesday as demonstrators went on to the streets and took part in a general strike. | Athens witnessed some of the most violent protests in more than a year on Wednesday as demonstrators went on to the streets and took part in a general strike. |
Mr Papandreou had also faced the threat of a revolt in his socialist Pasok party over the controversial package. | Mr Papandreou had also faced the threat of a revolt in his socialist Pasok party over the controversial package. |
'Road of duty' | 'Road of duty' |
Mr Papandreou, who came to power in 2009, has not indicated the extent of his ministerial shuffle, but correspondents say it may include the replacement of Finance Minister George Papaconstantinou. | Mr Papandreou, who came to power in 2009, has not indicated the extent of his ministerial shuffle, but correspondents say it may include the replacement of Finance Minister George Papaconstantinou. |
The BBC's Malcolm Brabant in Athens says economic analysts say the post is likely to be filled by Lucas Papademos, a former vice president of the European Central Bank. | The BBC's Malcolm Brabant in Athens says economic analysts say the post is likely to be filled by Lucas Papademos, a former vice president of the European Central Bank. |
This would be met with approval from the IMF and EU, but whether it will satisfy members of parliament remains unclear, our correspondent says. | This would be met with approval from the IMF and EU, but whether it will satisfy members of parliament remains unclear, our correspondent says. |
The government is seeking approval for a package of 28bn euros (£24.6bn; $40.5bn) of cuts, due to take effect from 2012 to 2015. | The government is seeking approval for a package of 28bn euros (£24.6bn; $40.5bn) of cuts, due to take effect from 2012 to 2015. |
The policies are required for the release of the next tranche of aid - 12bn euros - from the EU and IMF. | The policies are required for the release of the next tranche of aid - 12bn euros - from the EU and IMF. |
In an address on Wednesday, Mr Papandreou announced he would "continue on the same course". | In an address on Wednesday, Mr Papandreou announced he would "continue on the same course". |
"This is the road of duty, together with Pasok's parliamentary group, its members, and the Greek people. | "This is the road of duty, together with Pasok's parliamentary group, its members, and the Greek people. |
"Tomorrow I will form a new government, and then I will ask for a vote of confidence," he said. | "Tomorrow I will form a new government, and then I will ask for a vote of confidence," he said. |
During talks, Mr Papandreou was said to have offered to step down to clinch a coalition, but later agreed to carry on. | During talks, Mr Papandreou was said to have offered to step down to clinch a coalition, but later agreed to carry on. |
EU commissioners are said to have a "profound sense of foreboding" about Greece and the future of the eurozone, according to leaked account of a meeting on Wednesday seen by the BBC. | EU commissioners are said to have a "profound sense of foreboding" about Greece and the future of the eurozone, according to leaked account of a meeting on Wednesday seen by the BBC. |
Greece's debt was downgraded by Standard & Poor's ratings agency earlier this week, making the debt the lowest-rated of the countrries it monitors. | |
On Wednesday, tens of thousands of activists and unionists gathered in Syntagma square in Athens, near parliament. | On Wednesday, tens of thousands of activists and unionists gathered in Syntagma square in Athens, near parliament. |
A further 20,000 people also demonstrated in Thessaloniki, police said. | A further 20,000 people also demonstrated in Thessaloniki, police said. |
The general strike was the third in Greece this year. | The general strike was the third in Greece this year. |
The events destabilised markets, with major indexes witnessing the biggest drop on Wednesday since 1 June, and the euro sliding more than 1% against the dollar. | The events destabilised markets, with major indexes witnessing the biggest drop on Wednesday since 1 June, and the euro sliding more than 1% against the dollar. |
Yields on Greece's 10-year bonds reached a record high of 18.4%. | Yields on Greece's 10-year bonds reached a record high of 18.4%. |
Are you in Greece? What is your reaction to Mr Papandreou's proposal? Have you taken part in or witnessed the clashes? Send us your comments using the form below. | Are you in Greece? What is your reaction to Mr Papandreou's proposal? Have you taken part in or witnessed the clashes? Send us your comments using the form below. |
Send your pictures and videos to yourpics@bbc.co.uk or text them to 61124 (UK) or +44 7725 100 100 (International). If you have a large file you can upload here. | Send your pictures and videos to yourpics@bbc.co.uk or text them to 61124 (UK) or +44 7725 100 100 (International). If you have a large file you can upload here. |
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