Have a Good NEWS

. George Papandreou

awaits the visit of Greek President soon, perhaps to resign . Evangelos Venizelos

opposes vote on joining the euro . ECB cut its interest rates

. emergency meeting

13:23:

Athens My colleagues are stationed in a coffee shop within walking distance from the sputum of protest marked the Ministry of Finance - the epicenter of the recent political turmoil. They note that:

outside Parliament, on the road, many cars come and go with the occasional angry screaming fit older men on mopeds. Greeks around us argue about the language voluble Merkozy humiliating last night that has united the entire country with rage.

13:13: stock markets

The surprise rate cut in the euro area "Super Mario", Draghi sent across Europe Meeting - despite the continuing uncertainty as to whether the Greek Prime Minister George Papandreou, is about to leave (the Politburo is now undeniable that is).

The FTSE 100 has increased to a gain of 66 points (5547), while the Italian stock market jumped nearly 4%. My colleague

Katie Allen

has more details here.

Wall Street correspondent

Rushe Sunday

said:

With about 15 minutes until the U.S. stock markets opened the Dow looks set to reopen futures up 1.29%. News from Europe are likely to dominate the day, but also some new markets at home to absorb.

Jobs figures this morning to a gradual improvement in employment in the United States. Initial jobless claims fell 9,000 to 397,000 seasonally adjusted in the week ended Oct. 29, the Labor Department.

Last non-farm payroll numbers and the unemployment rate at the date will be announced tomorrow. Unemployment is expected to be around 9.1%, but the signs are growing that the labor market is finally recovering.

Although "non-agricultural wages" may seem a little strange, future data will certainly be important. This is essential for the health of the U.S., and therefore the global economy. " / Aa>

24:49:

Drama above the euro area - the European Central Bank lowered interest rates by monetary union. The cost of borrowing is down to 1.25%, against 1.5% previously. Most economists expect that the city does not "change", despite the widespread belief that the ECB was wrong to raise rates twice this year.

What a way to Mario Draghi to begin his term as President of the ECB ....

24:44:.

While we await news from Greece, David Cameron, discussed the crisis in the euro area in Brussels confirmed that Britain could increase our contributions to the International Monetary Fund (as Mark Hoban said in parliament this morning).

be clear. When the world is in crisis, it is fair that you consider increasing the IMF - an organization founded by Great Britain, in which we are a leading company. No government is losing money by lending money to the IMF supports countries in the world.

More on the blog of Andrew Sparrow direct G-20.

24:29:.

There is a huge confusion and panic growing in Greece

Discuss

George Papandreou

resignation "in the coming" hours are just one of many scenarios that circulate in an atmosphere of "confusion. A suggestion is the senior banker Lucas Papademos., a former vice president of the European Central Bank could take over.

Helen Smith

says there is a growing sense of panic with all the politicial leaders saying the indebted country is now seeking "bankruptcy" in the face amid calls by the board of elections to be held immediately.

Helena

also talk to the Greek public. The atmosphere is so electric in the streets and in the camera, with the Greeks to express disbelief at the dramatic turn of events.

"guillotines must be chosen outside parliament," said Aristide Raptis, a bowl of Syntagma Square, where the parliament building. He added:

all led us to this disaster. We are bankrupt. We are destroyed. The only solution is elections. A new direction for our country.

24:07:.

reports are break in Athens, now that George Papandreou will meet with President of the country in an hour

Greek Mega TV claims that following a meeting of his parliamentary group after the cabinet session, the leader of the besieged president's visit soon

Helen Smith

said. This is probably to ask the President to dissolve the government and call early elections.

But separately, the BBC reports that the plan Papandreou aside and make way for a new coalition government takes over.



Helena told the cabinet meeting was delayed as Papandreou held "talks on the crisis in his parliamentary office" to discuss the options now facing bleak.



more than we receive.

11:44:

The UK City minister

Mark Hoban

, is to meet to an urgent question about the crisis in the euro area in the House of Commons.

My colleague

Jill Treanor

key points:

. Prime Minister David Cameron will make a statement on Monday at home

. The UK is willing to put

more money in IMF

but only if additional resources are intended for countries with reform programs - not for lazy people that the euro zone is created to increase the firepower of its bail-out fund " / aa> . Hoban also told the House of the United Kingdom, the merit of "ahead of the curve" in terms of austerity measures to maintain lending in the UK costs closer to the Germany to Greece

But there is no doubt about the "chilling effect" (Hoban words) in the euro area is having on the economies here and around the world.

Prime Minister and Foreign Minister used the meeting in Cannes to urge Europe to find a solution (probably without another row standing between David Cameron and Sarkozy)

11:25: The emergency meeting of the Cabinet began crucial Greek (later than expected). The political survival of George Papandreou as prime minister and party leader, PASOK will be determined by the cabinet meeting.

MPs were telling reporters they will hear the report of its meeting in Cannes Papandreou last night before "the idea" of him again if the trust until Friday.

The veteran Socialist Papandreou said Telemachus Hytiris must now assemble a national unity government with the purpose to ratify the EU last week / IMF rescue for the country and then call an early election:

It is time for everyone, first, Goerge Papandreou, to assume their responsibilities.

11:14:

After a swing at the beginning, financial markets are rising as traders calculated that the Greek referendum will not happen. Most European stock markets are now a little higher.

Joshua Raymond

, chief strategist at City Index, said many investors are standing in the security environment that is changing Hours Hours:

markets have begun to find some support and recovered its previous problems in the news that Mr. Papandreou had convened an emergency meeting amid speculation that he was losing the support of his own party and was able to call early elections, an election that could pose questions to bed and can lead to a strong new coalition government being formed.

10:40:. editor Larry Elliott Our economy has analyzed the state of crisis in the euro area

is now a game played with great challenges. Megaphone diplomacy is the order of the day, with the ultimatum to Sarkozy and Merkel used a ratchet tension.

economists organizations like the Organization for Economic Cooperation and Development and the International Monetary Fund lowered its forecast in anticipation of a recession caused by Europe "get by" The strategy of the last two years. Now they are forcing a model of what happens in the case of a disorderly exit Greek euro, with the domino effect would be inevitable.

A positive result of the crisis - a quick fix to Greece and an immediate reduction of tension in Italy and Spain - is highly unlikely. The school in the UK the National Institute of Economic and Social Research has developed a series of alternative scenarios of phase, the spread and the default output of the Greek euro. None of them remotely pleasant.

Read

room full of Larry here.

10.30:.

Barack Obama has warned that to resolve the debt crisis in Europe is the most important issue for world leaders

his speech at the G20 summit in Cannes, the U.S. president during a press conference that the U.S. remains a loyal partner of Europe - despite speculation that Barack Obama is happy that the last Greek drama is overshadowing this important summit ". / Aa>

is the G-20, we will deepen some of the details of how the commitments will be implemented fully and decisively.

Andrew Sparrow has a wider coverage of Obama's remarks in his live blog here.

10:14:

briefly crossing from Greece to Italy.

Silvio Berlusconi

is fighting for his political survival today. Comparisons with the situation Papandreou are fascinating - as Berlusconi is also a fight with his finance minister

This follows yesterday's talks on the crisis that the Italian government agreed to increase its austerity plans -. But not as much as some had hoped

Tom Kington in Rome is the whole story:

After a cabinet meeting Wednesday night, Silvio Berlusconi, set up a list of measures to help boost the Italian economy, which will be inserted as amendments to the bill - now Italian Senate - in this summer program of austerity.

No details of the new measures have been officially published by the Government and no press conference was held. Italian media reported that the extent of labor market reforms were absent, despite the measures to facilitate the fire personnel and state incentives for companies to recruit women and young aspirants were included.

tax breaks for companies

infrastructure and sale of state assets were also included in the program, which was quickly please chopped together for EU leaders to avoid the pressure of the markets.

Reports cabinet meeting represented continuing friction between Berlusconi and Finance Minister Giulio Tremonti, who would have told the Prime Minister to withdraw his resignation only to Italy line front with the debt crisis of the EU.

President Giorgio Napolitano was meanwhile meeting the politicians of the opposition, perhaps with the intention of obtaining a consensus on forming a new government, Technical Berlusconi MPs should continue to default, which caused the loss of confidence vote next week after returning from the conference of G-20.

The popularity of Prime Minister for his share dropped to 22%, a new survey showed on Wednesday. , crucial ally of Berlusconi.

that
Corriere della Sera this way:

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