Greek crisis timeline

THURSDAY, NOVEMBER 3RD:

THURSDAY, NOVEMBER 3RD:

06.48Greece's planned referendum should not be about membership of the euro, deputy finance minister Pantelis Oikonomou says.

He rejects what he calls an ultimatum after the leaders of Germany and France say Athens will not receive another cent in aid until it decides whether it will stay in euro zone.

06.55Ruling party Pasok deputy Mimis Androulakis says Papandreou should withdraw his plan for a referendum.

READ MORE

07.22Greek finance minister Evangelos Venizelos opposes holding a referendum on the bailout package, a source says.

08.30Pasok deputy Elena Panariti says she will not back the referendum proposed by Greek prime minister George Papandreou.

08.37Pasok's parliamentary group will meet later, state radio says. More dissident deputies speak out against a referendum and call for a national unity government or an early election.

08.39Papandreou calls an emergency cabinet meeting for 10am GMT.

08.44Ruling party deputy Eva Kaili says she will not support the Greek government in a parliamentary vote of confidence.

10.31Socialist deputy Telemachos Hitiris urges Papandreou to form a coalition government and later call an early election.

10.41A government source says Greece has enough cash to make it until mid-December.

10.55China's Hu Jintao says euro zone needs to rely on itself to solve debt crisis, world must support and help.

11.15A group of senior Greek ruling party deputies prepare a proposal for a coalition government headed by former European Central Bank vice- president Lucas Papademos.

11.28Russian president Dmitry Medvedev says responsibility for solving the euro zone crisis lies with national governments. Medvedev says Russia would still participate in IMF programmes to support the euro zone.

11.40European Commission says the place of Greece is within the euro zone and there are instruments in place to ensure that, adding it considers this is the only option on the table.

12.12Antonis Samaras (below) head of Greece's conservative opposition New Democracy party, calls for a caretaker government until a snap election is held.

The present parliament should ratify the bailout package, he says.

12.45ECB cuts interest rates by 25 basis points to 1.25 per cent.

13.05About 30 opposition and ruling party deputies sign a letter demanding a new "national unity government" and early elections.

13.09Papandreou has not offered his resignation, a source at his office says.

13.48The Greek government welcomes a statement from the opposition leader calling for a unity government and says it is ready to discuss the proposal.

14.05The government is ready to talk to the opposition on its demand for a caretaker government until snap elections are held, a government spokesman says.

14.23Papandreou has no plans to resign while he awaits the outcome of talks with the opposition, a minister who took part in a cabinet meeting says.

14.50The prime minister says elections now could risk bankruptcy.

15.12
Papandreou offers to hold talks with the opposition to resolve the crisis. If it agrees to back the bailout deal in parliament, no referendum would have to be held, he says.

15.58The prime minister phones conservative opposition leader Antonis Samaras.

16.08Papandreou tells his party that Greece's euro membership would be at stake in a referendum. The question would not be if Greeks wants to stay in the euro or not – it was evident they do.

16.40Greek finance minister Evangelos Venizelos (right) says Greece must abandon plans for a referendum on a European bailout and reassure its international partners it will immediately do all it must to implement the deal.

17.00Papandreou defies demands to resign and calls for his party to unite for a confidence vote.

20.00Papandreou strikes a deal with ministers to step down and hand power to a negotiated coalition government if they help him win a confidence vote today, government sources say.

– (Reuters)