Papandreou retreats on referendum as lawmakers revolt

george-papandreou

Greek prime minister George Papandreou on Thursday backtracked on his controversial plan to hold a referendum on the country's adoption of the eurozone rescue deal amid rising pressure on him to step down ahead of a crucial confidence vote on Friday.

Papandreou surprised markets on Monday when he announced a referendum would be held on the eurozone bail-out package, which includes a new €100 billion ($136.8 billion) loan for Greece and a voluntary 50% haircut on Greek sovereign debt. The Greek

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