November 3, 2011
Greece will receive no more European bailout money until it decides whether it wants to stay in the eurozone, Nicolas Sarkozy and Angela Merkel announced on Wednesday night.
The French president and German chancellor hastily convened a late-night press conference after holding what they called "tough and hard" emergency talks with the Greek prime minister on the margins of the G20 summit in Cannes.
They made clear that saving the euro was ultimately more important to them than rescuing Greece.
European leaders were angered and markets wobbled over George Papandreou's surprise unilateral announcement on Monday that he would hold a referendum on a €130bn (£111.9bn) bailout deal reached with eurozone leaders at a Brussels summit last week.
"Our Greek friends must decide whether they want to continue the journey with us," Sarkozy said. He added that calling a referendum was a legitimate endeavour but it must be done as soon as possible, "we can't stay in a period of prolonged uncertainty".
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