Greek PM Says He Won't Resign

    BERLIN, GERMANY - SEPTEMBER 27:  Greek Prime Minister George Papandreou speaks to the media prior to talks with German Chancellor Angela Merkel at the Chancellery on September 27, 2011 in Berlin, Germany. The two leaders are meeting to discuss the current Greek debt crisis that is threatening the stability of the Euro two days before the Bundestag is scheduled to vote on an increase in funding for the European Financial Stability Facility (EFSF).  (Photo by Sean Gallup/Getty Images)

    Sean Gallup / Getty Images

    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.

    Read it at BBC News