Bloomberg
November 2, 2011
European leaders urged Greek Prime Minister George Papandreou to swiftly spell out how he intends to stick to the terms of a bailout plan after he handed voters a veto over the week-old package.
Crisis talks were under way in the French resort of Cannes on the eve of a Group of 20 summit after Papandreou was summoned by European counterparts to explain his call for a referendum that risks delaying aid the country needs to avert default. In Athens, Greek lawmakers debated a confidence motion that could bring down his government.
The stewards of the euro “won’t accept” a break from last week’s agreement, Luxembourg Prime Minister Jean-Claude Juncker told reporters in Cannes. German Chancellor Angela Merkel said “we have to get to the point where we know exactly what comes next.”
The confusion sowed by Papandreou threatens to unravel an Oct. 27 crisis-fighting strategy and may scupper Europe’s hopes of using the G-20 meeting as a showcase for that plan and to seek financial assistance for their efforts. The summit will open officially tomorrow with a lunch-time discussion on Greece and the euro-area debt crisis.
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