Financial Times
November 3, 2011
George Papandreou’s political future was hanging in the balance after he tried to defuse a threatened revolt by socialist lawmakers by scrapping his controversial plan to hold a referendum on eurozone membership.
On a day of roller-coaster politics, the Greek prime minister first made, then abruptly reversed, a decision to stand down from the premiership and help form a national unity government, leaving his PanHellenic Socialist Movement perplexed and angered by the unprecedented U-turn.
One exasperated socialist deputy said:”Greece was humiliated at Cannes by the French and German leaders, now our prime minister is pretending that nothing happened.”
He was referring to Wednesday night’s pre-summit meeting of G20 leaders at which Mr Papandreou was castigated for undermining last week’s deal on a €130bn bail-out for Greece with his plebiscite plan.
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