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ON THE BRINK Greek Cabinet Backs Referendum Stefanos Rapanis, EPA / Landov

Greek Cabinet Backs Referendum

The Greek government neared collapse Tuesday as Prime Minister George Papandreou faced calls to resign after announcing a vote on the European Union’s bailout package, which could throw his country’s euro-zone membership into jeopardy. In an emergecy meeting, the Greek cabinet unanimously backed Papandreou's plan. The prime minister said that a vote will offer a "clear mandate" for the measures asked for by euro zone members. Global markets spiraled Tuesday on Papandreou’s announcement of a bailout vote. French President Nicolas Sarkozy and German Chancellor Angela Merkel will hold an emergency meeting Wednesday with the Greek government, reportedly to push for a quick implementation of the bailout plan—or the “only solution” to the debt crisis, Sarkozy said Tuesday.

November 1, 2011 10:00 PM