BREAKING NEWS

Greek PM Papandreou wins confidence vote

By REUTERS

NOVEMBER 5, 2011 01:03

ATHENS - Greek Prime Minister George Papandreou won a parliamentary confidence vote on Saturday, avoiding snap elections which would have torpedoed Greece's bailout deal and inflamed the euro zone's economic crisis.

Papandreou's socialist government won with all his party lawmakers in the 300 member parliament supporting the government, but his term as prime minister appeared close to an end.

Earlier Papandreou called for a new coalition government to approve the 130 billion euro bailout deal which is vital for saving the country from bankruptcy and tackling the euro zone's economic crisis, and signalled he was ready to stand down.

Papandreou told parliament before the vote that he would go to the Greek president on Saturday to discuss formation of a broader-based government that would secure the euro zone bailout, Greece's last financial lifeline, adding that he was willing to discuss who would head a new administration.

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