The FINANCIAL — Poland, currently holding the rotating six-month EU presidency, has said that Greek politicians have shown “responsibility” after giving the government a vote of confidence and forming a new coalition with a new prime minister.
“We can now be calmer than a few days ago,” Poland's minister for European affairs Mikolaj Dowgielewicz said at the weekend following Greek prime minister George Papandreou dropping plans for a referendum on the Brussels-agreed debt bailout plan.
A new coalition government will now be formed in Greece with George Papandreou announcing he will be standing down as its head.
Lukas Papademos, a former deputy president of the European Central Bank, and Finance Minister Evangelos Venizelos are names which have been mentioned to see Greece through to a general election which could be held in February.
But Italy's debt crisis will now be playing heavily on the minds of Euro zone finance ministers at a meeting today.
The yield on Italian 10-year government bonds rose from 6.37 percent to a record high of 6.64 percent, Monday morning as Prime Minister Silvio Berlusconi looks set to become the next debt-crisis victim as his parliamentary majority crumbles ahead of a key vote in parliament tomorrow on next year's budget.
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