Greek Prime Minister George Papandreou has, November 2, 2011, been summoned to France by Nicolas Sarkozy and Angela Merkel. Such is the dominance of the Eurozone, by Germany and France, that these two leaders have summoned George Papandreou, like a naughty school boy. Maybe it is the fact that both of these countries stand to lose out financially, big time, if Greece defaults on its debts.
A meeting of the G20 leaders was already scheduled for Cannes, France, Thursday November 3, 2011. US President Obama will join the group, leaving the USA early this evening. George Papandreaou will take part in a special emergency meeting regarding his announcement of a Greek referendum
French Prime Minister Nicolas Sarkozy made a televised announcement to the French yesterday saying, "This announcement, that is a possible Greek referendum, took all of Europe by surprise". I bet it did. With France due to host the latest meeting of the G20 tomorrow, it may be the perfect time for Sarkozy, Merkel and Papandreou to hold a meeting and thrash out any differences.
Greek Prime Minister George Papandreou and Finance Minister Evangelos Venizelos will meet with the top Eurozone leaders. All EU leaders it seems will be in France to discuss both Eurozone matters and G20 affairs. All have been summoned as the situation as far as some are concerned, is now grave.
A short while ago France and Germany made it plain that last week's debt deal is not up for re-negotiation.
Papandreou and his party may not yet be out of the political woods in Greece just yet. The "unanimous support" offered for a referendum did not have the wholehearted support of his own politicians. This means that it is unlikely he could survive a vote of confidence in the Greek Parliament.
Update: 23.00 GMT November 2, 2011
The latest news is that Angela Merkel has told George Papandreou that a referendum must ask the Greek people whether or not they want to stay in the EU. Maybe it is part of a double bluff. Greece will be out on a limb withou7jt the EU and yet in other ways that could be countries best chance.
If Greece defaults on its debts it will remain in the EU and cause more headaches for Eurozone leaders. At least this way if the debt deal is not accepted Greece could also leave the EU. The news is ongoing and it seems currently that a battle royale is under way. As a small country, Greece would not normally be invited to attend the G20, yet of course G20 leaders will be able to decide the country's fate.
Back in Athens the Greek Parliament is reported to have begun its 3-day debate, as to whether or not it has confidence in Papandreou and his cabinet. The Prime Minster will want to be home as soon as possible, no doubt, to plead his case. Then again he may not. Few can surely envy Papandreou his position of power right now.