Word: papandreou
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Dates: during 1980-1989
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Burdened with the highest inflation rate in the European Community and a slumping currency, the four-year-old center-rightist government of Prime Minister George Rallis is coming under a withering campaign assault from left-wing Socialist Opposition Leader Andreas Papandreou. The onetime University of California economics professor, now head of Greece's far-left Pan-Hellenic Socialist Movement, or PASOK, blames his country's misfortunes on everything from membership in the European Community to its return last year to full military participation in the North Atlantic Treaty Organization...
Though PASOK holds only 93 of Parliament's 300 seats, vs. 172 for Rallis' ruling New Democracy Party, the Papandreou organization has rapidly gained strength since its founding in 1974, after the collapse of seven years of military rule. The outcome of the election is now considered a tossup...
Slower growth could begin pushing up unemployment, which at 2.6% of the labor force is one of the few really bright spots in the Greek economy. Rising unemployment would of course limit the ability of either Papandreou or Rallis to pursue a sustained anti-inflationary policy, and that would simply curb economic activity even more...
...million to the Community budget this year, Greece should come out ahead by more than $200 million, thanks to such perks as $184 million from the E.C. Regional Development Fund and $318 million in farm price supports and agricultural premiums. Even so, not all Greeks welcome membership. Andreas Papandreou, head of the Panhellenic Socialist Movement, argues that higher tariffs that will now be placed on imports from outside the Community will accelerate the current 25% inflation rate...