Greece to hold referendum on new debt deal

Greece to hold referendum on new debt deal
Monday, October 31, 2011 - 1:30pm

ATHENS, Greece (AP) -- Greek Prime Minister George Papandreou says his country will hold a referendum on a new European debt deal reached last week.

Papandreou gave no date on other details of proposed referendum on the deal that aims to seek 50 percent losses for private holders of Greek bonds and provide the troubled eurozone member with euro100 billion ($140 billion) in additional rescue loans.

Papandreou, addressing Socialist members of parliament Monday, also said he would seek a vote of confidence in parliament.

His Socialist government has seen its majority reduced to just three seats in parliament and its approval ratings plummet amid harsh austerity measures that are likely to send the country into a fourth year of recession in 2012.

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