Greek Government Survives Confidence Vote

By a score of 155 votes to 143 votes, the Greek government survived last night’s confidence vote. The result clears the way for Prime Minister George Papandreou to push through a bill outlining 28 billion euros (US$40.2 billion) in spending cuts, tax increases, and asset sales as the country desperately attempts to avoid defaulting on its sovereign debt.

Public opposition to the austerity measures has increased in recent weeks with demonstrations growing in ferocity. The government is required to implement these measures to secure emergency funding from the EU expected to be in the range of 100 billion euors (US$143.6 billion).

Source: BBC News

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