Greece threatened by expulsion from euro zone - Cabinet sources

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Greece may be expelled from the euro zone if it fails to reach the agreement on forming the coalition government on Sunday, Greek Skai radio station said citing Cabinet sources.

Greece may be expelled from the euro zone if it fails to reach the agreement on forming the coalition government on Sunday, Greek Skai radio station said citing Cabinet sources.

"There is a big danger of expulsion from the euro zone," Skai quoted a source in the government as saying.

Greek government will hold an urgent Cabinet meeting later on Sunday to establish a temporary coalition to safeguard Europe's new debt agreement.

The Prime Minister George Papandreou has pledged to step down as soon as the coalition agreement is reached, Athens News Agency (ANA) reported on Sunday.

International pressure and a looming collapse of his government forced Papandreou on Thursday to abandon his plans to hold the referendum on the new 130-billion-euro rescue package for Greece, which was approved by euro zone leaders on October 26.

Papandreou's referendum proposal, announced earlier this week to the surprise of everyone, including his own ministers, triggered international turmoil, with European leaders threatening to expel Greece from the euro zone if the new bailout package, which requires the Greek government to implement new tough austerity measures, is rejected in the popular vote.

 

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