Euro Crisis Alert - GBP Euro and US Dollar exchange rate up with imminent Greek PM no-confidence vote

Published: Friday, 4 November 2011 19:27 BST - Written by John Cameron

STORY LINK Euro Crisis Alert - GBP Euro and US Dollar exchange rate up with imminent Greek PM no-confidence vote

The Pound Euro exchange rate (GBP EUR) is 1.16414, the Pound Dollar exchange rate (GBP USD) is 1.60341, the Pound Australlian Dollar exchange rate (GBP AUD) is 1.54256 and the Pound NZ Dollar rate (GBP NZD) is 2.01665.

George Papandreou, the Greek prime minister is due to face a crucial no-confidence vote in the next few hours. His government could fall. There are 300 members in the Greek parliament, with George Papandreou's PASOK party having 152 seats.

Mr Papandreou had shocked the world with his announcement of a Greek referendum on the Euro bailout, but since said the referendum had now been scrapped. However, even if the PM wins he faces an uncertain future, amid new calls to resign.

The Greek debt now stands at a crippling 340 Billion Euros and many Greeks aren't keen on the bailout terms, however the alternative could mean Greece dropping the Euro for the Greek Drachma.

The GBP Euro and GBP Dollar currency exchange rates had gained earlier in the day and remained higher as the debate started in the Athens.

Meanwhile in Cannes, the G20 failed to find a solution to the Eurozone crisis.

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