“This famous loan agreement must be signed, otherwise we are outside the markets, out of the euro and things will become much worse,” government spokesman Pantelis Kapsis warned Tuesday.
Former Prime Minister George Papandreou formally stated that he will be stepping down as party leader of the PASOK socialist party and refrain from seeking re-election, according to Reuters. Papandreou became extremely unpopular after he implemented spending cuts, reduced welfare programs and cut benefits for civil servants.
Papandreou stepped down in November while a temporary coalition government headed by Papademos, a former central banker, negotiates the details of the second bailout plan.
“Greeks and Italians are taking their money and running, moving it abroad or even burying it underground for fear the Eurozone debt crisis will topple banks and wipe out what remains of their savings,” Reuters reported.
- iShares S&P Europe 350 Index Fund ETF (NYSEArca: IEV)
- iShares MSCI Europe Financials Sector Index Fund ETF (NYSEArca: EUFN)
- Global X FTSE Greece 20 ETF (NYSEArca: GREK)
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Max Chen contributed to this article.