November 2, 2011
Greek Prime Minister George Papandreou, fighting for political survival at home, faced a grilling from euro-zone leaders over his plan to put Greece's international bailout to a referendum.
At a meeting in Cannes, France, late Wednesday ahead of the summit of the Group of 20 leading economies, the euro zone's two most powerful politicians, German Chancellor Angela Merkel and French President Nicolas Sarkozy, were expected to warn Mr. Papandreou to keep the bailout plan on track.
The message for the Greek leader, say German and French officials: Any referendum must take place as soon as possible so that the bailout plan agreed to in October can go ahead. And Greece won't get more-generous bailout terms than those already on offer.
Euro-zone authorities are worried that banks won't take part in a planned restructuring of Greece's bond debt while the outcome of a possible referendum remains uncertain. Under pressure to move fast, Greek officials now suggest the vote could be held in early December.
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