Update: Greek PM to Offer Resignation
While I was in the process of posting the no confidence story, the BBC updated their story on Greek Prime Minister George Papandreou: Greek crisis: Papandreou ‘to offer to resign’.
Mr Papandreou will meet Greek President Karolos Papoulias 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.
But state TV reported that Mr Papandreou insisted during the meeting that he would not resign.
In regards to the likelihood of reversal of the plebiscite plan:
Greek Finance Minister Evangelos Venizelos launched the parliamentary revolt in the early hours of Thursday with a statement saying Greece’s membership of the euro could not be put in doubt.
"If we want to protect the country we must, under conditions of national unity and political seriousness and consensus, implement without any delay the decision of 26 October. Now, as soon as possible," Mr Venizelos said.
Mr Venizelos is a former challenger for the Pasok leadership. In 2004, he was defeated by Mr Papandreou by 56% to 38% in a party vote.
If the plebiscite plan is rescinded it will certainly change the atmosphere at the G20 meeting.