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.
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