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Greek Tragedy or is it Greek Comedy?

Greek premier abandons referendum plan: AP (by Polya Lesova)

LONDON (MarketWatch) -- The Greek prime minister has abandoned plans to hold a referendum on the bailout package for Greece agreed last week, the Associated Press reported, citing two officials close to the Greek premier. Greek Prime Minister George Papandreou gave up plans for the referendum after the country's main opposition party said it would back the bailout.

Greek premier will not resign immediately: report (by Polya Lesova)

LONDON (MarketWatch)-- Greek Prime George Papandreou will not immediately offer to resign but will await the outcome of negotiations with opposition parties over the formation of a unity government, Reuters reported on Thursday. If the negotiations are successful, the proposed referendum on the country's aid package would be dropped and Greece would likely move forward with the steps required to implement the aid package. Papandreou earlier this week stunned European leaders after he said he would hold a referendum over the terms of the bailout deal agreed last week with the EU. Since the announcement, Papandreou has faced political pressure both domestically and abroad, including a revolt in his own party.