Papandreou on the brink

It is understood that Greek Prime Minister George Papandreou will offer to resign in the next hour or so.

Greek Prime Minister George Papandreou faced mounting calls to resign today, hours after European leaders told him he had endangered a massive bailout plan by calling for a referendum.

The instability in Greece sent ripples throughout Europe, with Premier Silvio Berlusconi’s government in Italy teetering as well after its failure to come up with a credible plan to deal with its dangerously high debts.