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Greek Streets 'Explosive' as PM Faces Confidence Vote
CNBC.com | June 21, 2011 | 10:00 AM EDT

European stocks rose early Tuesday and the euro stabilized versus the Swiss franc on hopes that euro zone officials will find a way to prevent a Greek default.

Pressures to avoid bankruptcy intensified as rating agency Fitch said it would consider a voluntary rollover of Greek bond maturities – something European officials have been hoping to achieve – as a default and would cut the country's rating.

The new Greek government faces a vote of confidence on Tuesday night, with the outcome critical to the survival of the government, and to the disbursal of loans from the 'Troika' of the European Union (EU), International Monetary Fund (IMF) and European Central Bank (ECB).

Voting is expected to take place at midnight, and most analysts are predicting that Papandreou will survive the vote. By bringing more PASOK party insiders into his cabinet – at the expense of technocrats – the Prime Minister should be able to head off opposition from within his own party.

To pass, Papandreou needs an absolute majority in parliament, and an attendance rate of more than two-fifths, equivalent to 120 members.

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