Good morning. As Greek PM George Papandreou\u2019s gamble continues to puzzle and annoy the global economy, the man has managed to win the confidence of his cabinet on the proposed referendum on a \u20ac130 billion bailout package. Next, the ruling party will face a confidence vote on the floor of the parliament Friday, debate for which is due to start from today. It remains a surprise as to how Papandreou managed to convince his cabinet since many of the ministers have openly criticised his gamble. \u201cI think this was the wrong decision and we must take it back. We must not risk our position in the euro,\u201d one minister was quoted as saying. <\/p>\n
In the interim, one lawmaker from the ruling PASOK party quit, further slimming Papandreou\u2019s majority to 152. He would require 151 votes in the 300 member parliament to go ahead with the proposed referendum on the bailout package. \u201cWe believe the government will once again win a vote of confidence in order to proceed with its plans. We will not back down on anything we have to do to save the country,\u201d said Angelos Tolkas, a government spokesman. Did Samuel Johnson say \u201cPatriotism is the last refuge of a scoundrel\u201d?<\/p>\n
Questions are being raised over Germany\u2019s role as well. Germany is said to have benefitted most by raking up trade surpluses with Greece. It shouldn\u2019t have let Greece borrow so heavily in the first place, and then squeeze it by proposing drastic austerity measures that has caused widespread unrest in the country. However, the fact remains that Greece didn\u2019t qualify to join the EU in the first place in 2003 and fudged data to gain entry. <\/p>\n
GBP\/EURO \u2013 1.1617
\nGBP\/US$ \u2013 1.5972
\nGBP\/CHF \u2013 1.4135
\nGBP\/CAN$ – 1.6245
\nGBP\/AUS$ \u2013 1.5372
\nGBP\/ZAR \u2013 12.8252
\nGBP\/JPY \u2013 124.91
\nGBP\/HKD \u2013 12.4261
\nGBP\/NZD \u2013 2.0068
\nGBP\/SEK \u2013 10.5402<\/p>\n