Defiant Papandreou Will Not Resign

Greek Prime Minister George Papandreou said Thursday he will not resign over his announcement that he would hold a referendum on the nation’s euro zone bailout deal. That announcement overshadowed the G2 summit in Cannes, where leaders of the 20 major economies were forced to deal with the fallout. Greece’s Finance Minister said today there will be no referendum. A no vote would have thrown the euro zone into further turmoil. The bailout, which was approved last week, calls for spending cuts, increased taxes and job losses, It has been met with a new wave of strikes and outbreaks of violence in Athens.  Papandreou met in Cannes German and French leaders, who rebuked him that would not receive a cent more in aid until it voted to meet its commitments under the bailout deal, Reuters reports. Opposition leader Antonis Samaras called for Papandreou to step down.