November 3, 2011 / 11:53 AM / 8 years ago

Euro zone crisis: As it happens

(Reuters) - Here is a snapshot of the euro zone crisis as G20 leaders meet in Cannes.

All times are GMT:

* 1423 — Greek Prime Minister George Papandreou has no plans to resign while he awaits the outcome of talks with the opposition, a minister who took part in a cabinet meeting said.

* 1420 — A proposed Greek referendum on the country’s bailout package will be scrapped if ruling and opposition parties strike a deal to resolve the crisis, an official from the prime minister’s office said.

* 1405 — Greece’s government is ready to hold talks with the opposition on its demand for a caretaker government until snap elections are held, a government spokesman said.

* 1348 — The Greek government welcomed the statement made by the opposition leader and said it was ready to discuss the proposal on a temporary government.

* 1342 — The office of Greek President Karolos Papoulias said it has no meeting scheduled with Prime Minister George Papandreou as of now.

* 1325 — Europe should not fear a change of government in Greece, Michael Noonan, Ireland’s finance minister said in Dublin.

* 1316 — According to Spanish officials, the main focus of EU discussion was strengthening firewalls to protect the euro zone.

* 1309 — Papandreou has not offered his resignation, a source at his office said.

* 1305 — A group of about 30 opposition and ruling party lawmakers signed a letter demanding a new “national unity government,” and early elections held.

* 1245 — ECB cuts interest rates by 25 basis points to 1.25 percent.

* 1212 — Antonis Samaras, head of Greece’s conservative opposition New Democracy party, calls for a caretaker government to lead the country until snap election is held. The present parliament should ratify the bailout package, he says.

* 1207 — White House says Greek situation underscores need to move rapidly to implement euro zone debt package.

* 1154 — Papandreou will visit President Karolos Papoulias after an emergency cabinet meeting, state television reports.

* 1143 — G20 is assessing the cost of a Greek default and the implications of Greece’s possible exit from the euro zone, a senior G20 official says.

* 1140 — EU Commission says the place of Greece is within the euro zone and there are instruments in place to ensure that, adding it considers this is the only option on the table.

* 1128 — Russia’s President Dmitry Medvedev says responsibility for solving the euro zone crisis lies with national governments. Medvedev says Russia would still participate in IMF programs to support the euro zone.

* 1116 — Papandreou has not resigned and does not intend to, a Greek newspaper quoted his chief of staff as saying.

* 1115 — A group of senior Greek ruling party lawmakers prepare a proposal for a coalition government headed by former European Central Bank vice president Lucas Papademos, sources in Prime Minister George Papandreou’s party tell Reuters.

* 1055 — China’s Hu Jintao says euro zone needs to rely on itself to solve debt crisis, world must support and help.

* 1041 — A government source says Greece has enough cash to make it until mid-December as fears grow about when the country will get its next tranche of aid from foreign lenders.

* 1031 — Socialist lawmaker Telemachos Hitiris urges Papandreou to form a coalition government and later call an early election. Election should be held only after a 130 billion euro bailout for Greece has been approved and the latest euro tranche secured.

* 0945 — China’s Hu says BRICS discussed euro zone crisis.

* 0942 — U.S. President Barack Obama says he agrees with French President Nicolas Sarkozy that the EU has made important steps toward a comprehensive solution to the debt crisis.

* 0858 — Greek ruling party lawmaker Dimitris Lintzeris calls on Papandreou to resign, becoming the latest lawmaker to pile pressure on the embattled leader.

* 0844 — PASOK lawmaker Eva Kaili says she will not support the Greek government in a parliamentary vote of confidence.

* 0839 — Papandreou calls an emergency cabinet meeting for 1000 GMT on Thursday.

* 0837 — Greece’s PASOK ruling party parliamentary group will meet later, state radio NET says. More dissident lawmakers in PASOK speak out against a referendum and call for a national unity government or an early election, casting doubt on whether Papandreou can win a confidence vote on Friday.

* 0830 — Ruling party lawmaker Elena Panariti tells local radio she will not back the referendum proposed by Papandreou.

* 0722 — Greek Finance Minister Evangelos Venizelos opposes holding a referendum on the euro zone bailout package, a finance ministry source tells Reuters.

* 0655 — Ruling party lawmaker, Mimis Androulakis, says Papandreou should withdraw his plan for a referendum.

* 0648 — Greece’s planned referendum should not be about membership of the euro, Deputy Finance Minister Pantelis Oikonomou says. He rejects what he calls an ultimatum after the leaders of Germany and France say Athens will not receive another cent in European aid until it decides whether it wants to stay in the euro zone.

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