And Now We Have An Event Horizon: G-Pap Expected To Resign Within Next 30 Minutes

Tyler Durden's picture

Or just in time for the ECB announcement, due in... 30 minutes. So, if Schrodinger's Pap doesn't resign, can we finally put this silliness behind us for at least one more day.

From BBC:

Greek Prime Minister George Papandreou is expected to offer his resignation within the next half-hour, sources in Athens have told the BBC.

 

Mr Papandreou will meet Greek President Karolos Papoulios immediately after an emergency cabinet meeting has finished. He is expected to offer a coalition government, with former Greek central banker Lucas Papademos at the helm.

 

Mr Papandreou himself would stand down, the BBC understands.

 

The Greek government was on the verge of collapse after several ministers said they did not support Mr Papandreou's plan for a referendum on the EU bailout.

 

The bailout would give the heavily indebted Greek government 130bn euros and a 50% write-off of its debts, in return for deeply unpopular austerity measures.

 

Mr Papandreou had called a vote of confidence for Friday.

 

However, he was faced with a parliamentary revolt after several of his MPs withheld their backing. Some called for early elections or a government of national unity instead.