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FTSE 100 steady after Greek PM secures referendum backing

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Greek prime minister George Papandreou has secured backing from his cabinet for a referendum on the next bail-out package.

The referendum is due to take place as soon as possible, with reports suggesting a December vote.

It has been a tumultuous couple of days for the Greek leader. Defence chiefs were sacked over speculation of a coup yesterday, in what was described as a reshuffle.

The Greek government will face a vote of confidence on November 4. It has already seen its tenuous parliamentary majority cut after another MP resigned on news of the referendum.

Greek authorities are set to meet with German leader Angela Merkel, French president Nicolas Sarkozy and the ‘troika’ - the European Commission, International Monetary Fund, and the European Central Bank - later today.

The FTSE100 has risen by 0.82 per cent in early trades.


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Readers' comments (3)

  • Now is the time for the UK to ask the Germans if they would like to leave the Euro and join the Pound. People bang on about stopping wars in Europe and this move would satisfy that reason for fiscal unity. Would also mean cheap holidays again around the Med and lower priced Red Wine. Can`t see a problem. Any thoughts?

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  • That's an interesting thought - the Germans joining the Pound. Might make Porsches cheaper too which is handy.

    This is in all seriousness the crunch point of 'austerity'. People won't accept it past a certain point and the whole debt based Ponzi scheme collapses. Time to buy a hard hat.

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  • Apparently some EU Commissioners are considering adapting a warning often seen in the UK mortgage market.

    An early draft reads: "Be warned, your country may be repossessed if you don't keep up your payments!"

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