The leaders of the world's most powerful economies meet for a G20 summit Thursday, November 3, to confront a European debt crisis that threatens to plunge the global economy into renewed recession.
Under pressure from economic powerhouses China and the United States to put their own house in order, European leaders issued debt-laden Greece with an ultimatum on the eve of the summit taking place in Cannes, France.
Summit host President Nicolas Sarkozy and German Chancellor Angela Merkel warned Greece it would not get "one more cent" from the EU and the IMF unless Athens abided by the terms of a rescue deal agreed last week.
Without its next eight-billion euro transfer, observers warn, Greece would face problems paying government salaries and a messy debt default within weeks.
After talks with Greece's beleaguered Prime Minister George Papandreou, the visibly angry eurozone leaders insisted Wednesday that if he wanted to hold a referendum then he must do so as soon as possible to clear up uncertainty.
Papandreou agreed Greece's future in the euro was at stake and said a vote could be called on December 4. He did not reveal the wording of the referendum question, but he said he was sure Greek voters want to stay in the euro.
