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Greece in turmoil over debt plan, dumps referendum; Obama concerned but markets rise
Greek Prime Minister George Papandreou speaks during a parliament session in Athens, Thursday, Nov. 3, 2011. Papandreou abandoned his explosive plan to put a European rescue deal to popular vote Thursday, keeping his government alive _ but passionate squabbling in Athens left the country's solvency in doubt and the eurozone in turmoil. Greek Prime Minister reversed course after a rebellion within his own Socialist party over the referendum, but ignored repeated calls to resign and call elections.(AP Photo/Petros Giannakouris)
Elena Becatoros and Demetris Nellas, Associated Press, On Thursday November 3, 2011, 9:34 pm
ATHENS, Greece (AP) -- Greece was in turmoil and the world economy in limbo Thursday as a high-stakes game of political brinkmanship in Athens led Prime Minister George Papandreou to abandon his explosive plan to put a European rescue deal to a referendum.
The dramatic developments overshadowed the G20 summit of world leaders in the French resort of Cannes, where President Barack Obama implored European leaders to swiftly work out a eurozone plan to deal with the continent's crisis, which threatens to push the world back into recession.
Papandreou sparked a global crisis this week when he announced plans to put the latest European deal to cut Greece's massive debt -- a hard-fought accord that took months of negotiations -- to a popular vote. The idea horrified other EU nations, Greece's creditors and financial markets as investors worried over the prospect that Greece could be forced into a disorderly default ...
http://finance.yahoo.com/news/Greece-in-turmoil-over-debt-apf-1455838074.html?x=0&sec=topStories&pos=main&asset=&ccode=
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