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Greece opposition chief demands PM quits over debt crisis Greece opposition chief demands PM quits over debt crisis
(3 months later)
Greece's main opposition leader has repeated calls for PM George Papandreou to resign to break the political deadlock over the debt crisis.Greece's main opposition leader has repeated calls for PM George Papandreou to resign to break the political deadlock over the debt crisis.
Mr Papandreou is seeking to build a government of national unity, but Antonis Samaras of the New Democracy party says the PM must resign first.Mr Papandreou is seeking to build a government of national unity, but Antonis Samaras of the New Democracy party says the PM must resign first.
Some reports say a coalition deal and Mr Papandreou's resignation could be announced as early as Sunday evening.Some reports say a coalition deal and Mr Papandreou's resignation could be announced as early as Sunday evening.
An emergency cabinet meeting is under way.An emergency cabinet meeting is under way.
Mr Samaras did not state explicitly whether he would join a government of national unity, but said that if the PM resigned, "everything will take its course".Mr Samaras did not state explicitly whether he would join a government of national unity, but said that if the PM resigned, "everything will take its course".
'Close to consensus''Close to consensus'
A government official has indicated that a deal is drawing closer.A government official has indicated that a deal is drawing closer.
"I believe that we are very close to reaching a consensus," said deputy government spokesman Angelos Tolkas, quoted by Reuters news agency."I believe that we are very close to reaching a consensus," said deputy government spokesman Angelos Tolkas, quoted by Reuters news agency.
There has been speculation that a new governing coalition could be led by Finance Minister Evangelos Venizelos.There has been speculation that a new governing coalition could be led by Finance Minister Evangelos Venizelos.
Mr Papandreou has invited Mr Samaras to joint talks with the president later on Sunday, state television said. There has been no confirmation Mr Samaras will agree to attend.Mr Papandreou has invited Mr Samaras to joint talks with the president later on Sunday, state television said. There has been no confirmation Mr Samaras will agree to attend.
Emerging from a short meeting with President Karolos Papoulias, Mr Samaras said: "As long as Papandreou has not decided what he wants to do, it is blocking any solution."Emerging from a short meeting with President Karolos Papoulias, Mr Samaras said: "As long as Papandreou has not decided what he wants to do, it is blocking any solution."
He has previously labelled Mr Papandreou as "dangerous" for Greece".He has previously labelled Mr Papandreou as "dangerous" for Greece".
Mr Samaras has backed the idea of a caretaker government to secure parliamentary approval of a new eurozone bailout package, but has insisted that early elections are called.Mr Samaras has backed the idea of a caretaker government to secure parliamentary approval of a new eurozone bailout package, but has insisted that early elections are called.
Mr Papandreou says early elections would "have catastrophic consequences for the economy and for the Greek people".Mr Papandreou says early elections would "have catastrophic consequences for the economy and for the Greek people".
Two opinion polls published on Saturday suggested that Greeks would prefer the option of a national unity government to snap elections, Reuters news agency reported.Two opinion polls published on Saturday suggested that Greeks would prefer the option of a national unity government to snap elections, Reuters news agency reported.
'High stakes''High stakes'
President Papoulias has been urging the opposing sides to overcome their differences and work together to resolve a crisis that has jeopardised the entire euro project.President Papoulias has been urging the opposing sides to overcome their differences and work together to resolve a crisis that has jeopardised the entire euro project.
"Consensus is the one and only way," Mr Papoulias told the prime minister on Saturday, a few hours after Mr Papandreou had narrowly won a vote of confidence in parliament."Consensus is the one and only way," Mr Papoulias told the prime minister on Saturday, a few hours after Mr Papandreou had narrowly won a vote of confidence in parliament.
What went wrong in Greece?

What went wrong in Greece?

Greece's economic reforms, which led to it abandoning the drachma as its currency in favour of the euro in 2002, made it easier for the country to borrow money.

What went wrong in Greece?

Greece went on a big, debt-funded spending spree, including paying for high-profile projects such as the 2004 Athens Olympics, which went well over its budget.

What went wrong in Greece?

The country was hit by the downturn, which meant it had to spend more on benefits and received less in taxes. There were also doubts about the accuracy of its economic statistics.

What went wrong in Greece?

Greece's economic problems meant lenders started charging higher interest rates to lend it money. Widespread tax evasion also hit the government's coffers.

What went wrong in Greece?

There have been demonstrations against the government's austerity measures to deal with its debt, such as cuts to public sector pay and pensions, reduced benefits and increased taxes.

What went wrong in Greece?

Eurozone leaders are worried that if Greece were to default, and even leave the euro, it would cause a major financial crisis that could spread to much bigger economies such as Italy and Spain.

What went wrong in Greece?

In 2010, the EU, IMF and ECB agreed a bailout worth 110bn euros (
What went wrong in Greece?

What went wrong in Greece?

Greece's economic reforms, which led to it abandoning the drachma as its currency in favour of the euro in 2002, made it easier for the country to borrow money.

What went wrong in Greece?

Greece went on a big, debt-funded spending spree, including paying for high-profile projects such as the 2004 Athens Olympics, which went well over its budget.

What went wrong in Greece?

The country was hit by the downturn, which meant it had to spend more on benefits and received less in taxes. There were also doubts about the accuracy of its economic statistics.

What went wrong in Greece?

Greece's economic problems meant lenders started charging higher interest rates to lend it money. Widespread tax evasion also hit the government's coffers.

What went wrong in Greece?

There have been demonstrations against the government's austerity measures to deal with its debt, such as cuts to public sector pay and pensions, reduced benefits and increased taxes.

What went wrong in Greece?

Eurozone leaders are worried that if Greece were to default, and even leave the euro, it would cause a major financial crisis that could spread to much bigger economies such as Italy and Spain.

What went wrong in Greece?

In 2010, the EU, IMF and ECB agreed a bailout worth 110bn euros (£92bn; $145bn) for Greece. Prime Minister George Papandreou quit the following year while negotiating its follow-up.
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class="dslideshow-header">What went wrong in Greece?
Lucas Papademos, who succeeded Mr Papandreou, has negotiated a second bailout of 130bn euros, plus a debt writedown of 107bn euros. The price: increased austerity and eurozone monitoring.
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class="dslideshow-header">What went wrong in Greece?
In May 2012 elections a majority of voters backed parties opposed to austerity, but no group won an overall majority resulting in political deadlock. Fresh elections have been called in June.
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The BBC's Mark Lowen in Athens says this has now become a high stakes game of political brinkmanship, and nobody can tell who will blink first.
But politicians must find a solution in order to ratify the next 8bn euro ($11bn) instalment of the eurozone bail-out package by mid-December, enabling them to pay public sector salaries and pensions and avoid bankruptcy.
Greece's mounting debt crisis and the implementation of austerity measures have proved hugely unpopular with the public, prompting widespread protests and strikes.
But if Greece defaults on its debts, the cost of borrowing would rocket for other countries, potentially leading to a new banking crisis.
On Monday, Mr Papandreou shocked EU partners and sent markets into turmoil by calling for a national referendum on the deal which they thought had been secured.
The vote was called off just days later, but only after triggering the wider financial and political crisis.