Political Risk

Political turmoil in Greece amid austerity uproar

“Squeezed between worried creditors and an angry public, Greece’s beleaguered prime minister tried to tamp down an escalating revolt within his own Socialist party Thursday over new austerity measures.

Two prominent Socialist lawmakers resigned hours before Prime Minister George Papandreou was to reschuffle his Cabinet, a tactic he hoped would help get new taxes and spending cuts approved before Greece was cut off from international lending. The resignations don’t affect the government’s five-seat majority in parliament, but raise more doubts about Papandreau’s handling of Greece’s escalating financial crisis.”

Source: Political turmoil in Greece amid austerity uproar – Yahoo! News

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