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Papandreou Withdraws Referendum
| International News by Staff ReporterAs pressure from European Leaders mounts
George Papandreou, Greek Prime Minister, on Thursday withdrew plans to hold a referendum on whether the country would remain in the European Union (EU) and eurozone.His decision was announced during an emergency meeting of his cabinet, according to leaders of the socialist party, Pasok.
Papandreou said the call for a referendum “was never a purpose in itself,” and added that he would be happy if the vote wasn’t held at all. A confidence vote would be held on Friday.
His call to hold a referendum had earlier this week caused global financial markets to plunge and had sparked consternation among EU leaders.
Papandreou summoned his cabinet for an emergency meeting after a meeting with French President Nicolas Sarkozy and German Chancellor Angela Merkel, who strongly urged Papandreou not to break the terms of the bailout package, adding that Greece would not receive a cent more until it met its commitments to the eurozone.
Source: www.bizpremises.co.za
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