Reports: Papandreou Rescinds Referendum Plan

CNN and other news organizations are presently reporting that Greek PM Papandreou is rescinding plans for a January 2012 referendum on an international bailout, he told his Cabinet on Thursday, saying there was no need for it given opposition support for the tough austerity measures that accompany it. This news comes from the G-20 Summit now in session in Cannes. 

The announcement follows the statement by French President Sarkozy on November 3 that Greece would have to leave the group of 17 nations that use the European single currency if the country and its people failed to accept austerity and other measures that formed part of the bailout plan.

Timothy Speiss is the Partner-in-Charge of EisnerAmper's Personal Wealth Advisors Group and Vice President of EisnerAmper Wealth Planning LLC. He chairs our Asia Practice and is a member of the firm’s community service group, EisnerAmper Cares.

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