Papandreou Holds On, Referendum Canceled
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The situation is Greece continues to dominate market headlines, with the focus Thursday on the fate of Prime Minister George Papandreou and his call for a referendum on the latest bailout.
Amid speculation of his ouster, Mr. Papandreou addressed the country saying he will remain as Prime Minster and explained the details surrounding the referendum. He said the referendum was not his first choice but has created a "positive shock."
With or without Mr. Papandreou in power, there has been tremendous pressure on the debt-ridden country to cancel the referendum. Bowing to this pressure, Greece Finance Minister Venizelos confirmed that Greece will not hold a referendum on the latest EU bailout agreement.
Amid speculation of his ouster, Mr. Papandreou addressed the country saying he will remain as Prime Minster and explained the details surrounding the referendum. He said the referendum was not his first choice but has created a "positive shock."
With or without Mr. Papandreou in power, there has been tremendous pressure on the debt-ridden country to cancel the referendum. Bowing to this pressure, Greece Finance Minister Venizelos confirmed that Greece will not hold a referendum on the latest EU bailout agreement.
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