Greece Prime Minister George Papandreou and his cabinet won a victory last night with the vote of confidence coming out favorably for the sitting government. The 155-143 final tally was seen to be largely voted along party lines in the 300-seat legislature.
The vote was conducted by roll call following debates that centered primarily on the austerity package and the PM’s handling of the debt crisis. A failure to win the confidence vote would have resulted in further turmoil that may have ended with Greece in default and with a more virulent debt contagion spreading across the euro zone. So far, markets appear mixed by the news, with regional bulls pushing hard for higher risk appetite but getting met by cautious pragmatism.
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