The referendum becomes a boomerang for Papandreou in the G20 meeting

Papandreou’s meetings with Merkel and Sarkozy in Cannes are expected to be characterized by a particularly pressing climate.

All information broadcast by the foreign media confirms the report posted on protothema.gr this morning, according to which the Greek side is expected to receive a kind of ultimatum saying that by December 5 - which appears as the most likely deadline - it should complete all the ratification procedures on the agreement of the last Summit held in Brussels.

As mentioned by the Dow Jones agency, Merkel said that Germany would welcome "prudent" behavior from Greece. Responding to a question received at a press conference with Turkish prime minister Recep Tayyip Erdogan in Berlin , she said "first we need to calm the euro down". And when asked if the current problems in the Eurozone and Greece bring forth the historical issues between Greece and Turkey she added, "we love all those who act reasonably, Greeks and Turks too,".

As shown both by the statements by German foreign minister Westerwelle - "there is no room to renegotiate the agreement" - and Dutch prime minister Mark Rutte - "the referendum in Greece on the new rescue package would make it harder for the IMF and the Eurozone to release the 6th tranche of the loan " - our partners do not think that the referendum can have the ratification of the agreement as its main subject.

Instead, estimates refer to pressure on Athens to make clear, in case the referendum is finally held, if the Greeks continue to favor the European perspective of the country and its stay in the eurozone.

"Green light"

As protothema.gr announced earlier the PM, who is expected to meet US president Obama, will perceive this deadline as a "green light". His critics, however, do not see an end to his stay in office as a negative development. Besides, disputes arise as to what will come next.

Papandreou wants to continue, while those who believe he can’t are asking him to ignite political developments by launching his retirement from premiership. Otherwise, if indeed PASOK survives the confidence vote on Friday, the issue will be raised again by the leadership contenders and their supporters.

In fact, as shown by the public criticism against the prime minister of Greece by Sarkozy, Papandreou has been invited to Cannes to explain why he announced a referendum which came as a surprise to the Troika.

The agenda of the meeting of the most powerful nations of the world will have the dramatic developments in Greece as its main topic, as Papandreou's initiative for a referendum on the agreement of the Summit of October 26, has caused the reaction of our European partners, first of all the leaders of France and Germany, who were also the first that took the leading role in the dramatic negotiations which yielded the "haircut" of the Greek debt and the approval of the new lending to our country.

Sarkozy and Merkel made it clear in their statements that they will require the Greek prime minister to fully and immediately implement the October 26 agreement.