Greek Prime Minister George Papandreou is set to resign following emergency meetings over the euro bailout referendum, reports suggest.
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Papandreou has reportedly offered his resignation after he lost a Greek cabinet vote over plans for a referendum on whether to remain in the euro.
Economist Lucas Papdemos has been asked to form a coalition government in his place.
Greek Finance Minister Evangelos Venizelos earlier came out on Thursday to oppose to referendum, along with two other ministers.
“Greece’s place in the euro is a historical conquest by the Greek people that cannot be placed in question,” he said in a statement. “This cannot be made dependent on a referendum”.
Papandreou’s decision to run a December referendum on Greece’s European membership came after he was told by Angela Merkel and Nicolas Sarkozy to “abide by the rules” of the Brussels bail-out agreement or “leave the eurozone”.
Merkel and Sarkozy said that £6.9 billion worth of foreign aid would be withheld unless Greece agreed to the terms of the bailout.