Greece's newly elected coalition government early Monday won a vote of confidence from Parliament as it promised to jump-start Greece's much-delayed privatization drive and halt the slide in the economy, now in its fifth year of recession.
The government won the motion by a vote of 179 in favor-reflecting the parliamentary majority controlled by the three-way coalition of the conservative New Democracy, socialist Pasok and small Democratic Left parties-versus 121 against.
But even as the government passes its first test at home-the vote was a formality following the country's June 17 elections-it must now convince European partners abroad to continue financing the country despite conceding that the reform program has once again fallen off track.
The focus now shifts to Brussels, where euro-zone finance ministers meet Monday to discuss Greece's reform delays-more than 200 by some counts-and what Athens will do about them.
Source: Dow Jones