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Greek PM wins cabinet support for EU bailout referendum

02 November 2011 09:08 (UTC +04:00)

Baku - APA-Economics. Greek Prime Minister George Papandreou has won unanimous support from cabinet for his controversial plan to hold a referendum on the EU bailout deal, Telegraph.co.uk reported.

Mr Papandreou told a late-night cabinet meeting that the referendum will be "a clear mandate and a clear message in and outside Greece on our European course and participation in the euro."

"No one will be able to doubt Greece’s course within the euro," he said, adding that market turmoil triggered by his announcement of the referendum late on Monday would be short-lived.

After the meeting, a Greek government spokesman said cabinet had unanimously to the referendum and that it would take place "as soon as possible".

"The cabinet expressed its support," said government spokesman Elias Mossialos. "The referendum will take place as soon as possible, right after the basics of the bailout deal are formulated."

The euro and global stocks were pummelled on financial markets on Tuesday after Mr Papandreou’s move threw into question the survival of crucial efforts to contain the euro zone’s sovereign debt crisis. Asian stocks extended the wave of selling on Wednesday.

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