Greek Prime Minister George Papandreou resigning
November 9th, 2011
11:15 AM ET

Greek Prime Minister George Papandreou resigning

Greek Prime Minister George Papandreou said in a televised address Wednesday that a government of national unity would do whatever was necessary to bring Greece out of crisis.

Greece wants the international community to see that it knows how to be united in the face of difficulty, he said.

Papandreou is expected to resign shortly, and reportedly was headed to the presidential mansion to tender his resignation to President Karolos Papoulias.

In a phone call earlier Wednesday, Papandreou told French leader Nicolas Sarkozy that the new government would have support from the majority and the opposition, the Elysee Palace said in a statement.

Greek prime minister briefs Sarkozy on coalition talks

The latest updates come a day after the prime minister said he was optimistic about the formation of a new government amid thorny discussions.

Papandreou and the main opposition leader, Antonis Samaras, have been locked in talks on who might lead the new government. Rumored contenders include Lucas Papademos, a former vice president of the European Central Bank and ex-governor of the Bank of Greece, currently a visiting economics professor at Harvard University.

The political turmoil in Greece has shaken international markets, as investors fear a new bailout deal negotiated with European leaders late last month - which has stringent austerity measures attached - may not be implemented.

Christine Lagarde, managing director of the International Monetary Fund, warned Wednesday of the potential for a "lost decade" if the world's nations do not join forces against the "dark clouds" gathering on the horizon.

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soundoff (15 Responses)
  1. FauxNewz

    He'll still be a part of the Greek Government...receiving fat retirement checks.

    November 9, 2011 at 9:38 am | Report abuse | Reply
    • helene

      shucks, will he still drive wvane? perhaps he can start reporting the "bad" weather for you all?

      November 9, 2011 at 2:53 pm | Report abuse |
  2. DanH

    What we're witnessing it very typical of many situations yet to come...

    As more and more countries collapse financially and experience civil unrest; their current leaders will have NO CHOICE but to resign and walk away. The people will DEMAND it and settle for nothing less (for starters).

    Look at Iceland a few years ago. Much more to come as this financial contagion spreads like wild fire.

    Folks, please pay off your debts, don't incurr more debt and prepare to be more self sufficient and stock up on some food and other essentials.

    This terrible financial debacle that was brought on by crooked governments, deficit spending, bad trade policies, war, fraud, derivatives, Wall Street thugs, Banksters, London and overall excessive consumer spending has come to a head.

    It will take a long time for this mess to clear up and for many to get back on their feet. Some will not survive this and the disparity between those in poverty and the wealthy will increase much further. We live in very dark times. Sad

    November 9, 2011 at 10:00 am | Report abuse | Reply
    • Greed Isbad

      I couldn't have said it better myself...

      November 9, 2011 at 10:10 am | Report abuse |
    • Jayfrog

      Well said. But you left out the part about fradulent Americans coming clean. Over 70 million Americans claims social security, with millions obtaining SS disabily fraudulently. After living their young adult lives as lazy drunks and druggies, tey become unemployable and end-up hiring one of those lare night TV lawyers to sue the SS administration who simply cannot afford to defend millions of cases in court. The fact that these late night TV lawyers advertise non-stop nationwide should tell you how big the problem is. The same can be said for military entytelment fraud. If even just a small percentage are fraudulent disability claims, billions and billions of dollars are defrauded. The avg. military disabily pay is 2,800.00 per mo., plus access to free pharmaceuticals for life. If an fraud entytlement holder becomes addicted to pharmaceuticals, the amount billed to the taxpayer can become enourmous in short order thanks to Dr's who prescribe meds for profit rather than health.

      We all know that many American citizens are crooks, as well as many politicians and religious leaders. So who in their right mind cannot see than many Dr's and lawyers aren't crooks a well or worse.

      If you are a fraud, you have been stealing from your neighbor and WILL be found-out, if not already. The average FBI investigation lasts 2 years, so you might already be busted. Come clean with America before you find your big fat lazy ass working for a corporate owned prison.

      November 9, 2011 at 12:38 pm | Report abuse |
    • Ummmm.....

      Bye bye, Jayfrog. Aren't those crabs itching something fierce?

      November 9, 2011 at 2:16 pm | Report abuse |
    • helene

      is this dan hart? are you still hurting kids?

      November 9, 2011 at 2:54 pm | Report abuse |
    • DanH

      Helene – You have the wrong Dan. Not sure where you're coming from since my only concern here (and on previous postings) has always been about govt, finance and business.socio-economic issues.

      November 9, 2011 at 8:56 pm | Report abuse |
  3. Tiff

    Nice post JayFrog!
    Many military Dr.'s are the worst! They cram vicodan down returned soldiers throats with no regaurd to the possibilty of addiction. many young men are unaware of the dangers and are not infomed by these shady Dr's... Its a shame and they have ruined many young men's lives

    November 9, 2011 at 12:49 pm | Report abuse | Reply
    • Ummmm.....

      Really? Because my Dr. didn't do that....proof, please.

      November 9, 2011 at 2:17 pm | Report abuse |
    • helene

      tiffany, here too eh? i think they're looking for you in the office

      November 9, 2011 at 2:55 pm | Report abuse |
  4. The Biff and Tiff Show

    Lookie. They must have made up. Smoochy smooch smooch.

    November 9, 2011 at 1:03 pm | Report abuse | Reply
  5. Jim Robertson

    The politicians that we elect to run our economies seem loathe to learn from the examples of Greece and Italy. In the case of the United States, the Congressional Budget Office recently released final data for fiscal 2011 which shows that America has run its third highest deficit in history as shown here:

    http://viableopposition.blogspot.com/2011/11/washington-and-imbalance-fiscal-2011.html

    Until those that we elect stop spending more than they tax, the situation will only get worse.

    November 9, 2011 at 1:07 pm | Report abuse | Reply
  6. Trinka

    I might actually.have gone to the site, if it weren't obviously a spam for going to your blog site.

    November 9, 2011 at 1:13 pm | Report abuse | Reply
  7. drap

    I enjoyed George Peppard on the A-Team leaving to become Geece's prime minister was a bad Idea..I PITY THE FOOL... .

    November 10, 2011 at 2:16 am | Report abuse | Reply

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