Greek Prime Minister Papandreou To Resign

Greek Prime Minister George Papandreou is expected to offer his resignation within the next half-hour, according to the BBC. Papandreou will meet with Greek President Karolos Papoulias immediately after an emergency cabinet meeting currently being held.

Stepping down, Papandreou would likely offer a coalition government, with former Greek central banker Lucas Papademos at the helm.

Don’t Miss: Euro Leaders Consider Ejecting Greece From Euro

Papandreou’s call Monday for a referendum on the EU bailout met with resistance from several ministers, and austerity measures he has sought to push through over the months, per the terms of the bailout, have been divisive among Greek citizens and within Papandreou’s own cabinet, resulting in general strikes, protests, and rioting.

The bailout would give the government 130 billion euros and include a 50% writedown on Greek debt.

Papandreou’s Pasok party currently holds a slim majority in parliament, 152 out of 300 seats, and the prime minister has called for a confidence vote on Friday.