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EURO CRISIS Greek PM Says He Won't Resign Sean Gallup / Getty Images

Greek PM Says He Won't Resign

Greek Prime Minister George Papandreou denies he will resign, despite pressure to form a new coalition to handle the bailout. Sources had told the BBC that Papandreou will resign immediately after an emergency cabinet meeting today. The Greek President Karolos Papoulios would then form a coalition government, with former central banker Lucas Papademos at the helm. Papandreou had called for a vote of confidence to take place Friday after several members of his party defected. Papandreou faced a backlash from the European Union earlier this week when he called for a referendum on his country's debt-rescue plan—which Papandreou said would be a vote on whether Greece should remain on the euro—but EU leaders gave Papandreou an ultimatum that leaving the euro would mean Greece would have to leave the EU completely.

November 3, 2011 10:00 AM