Reports Indicate Greek Prime Minister Ready to Drop Referendum on EU Bailout

Officials close to Greek prime minister tell the Associated Press and Reuters that the controversial bailout referendum has been scrapped.

Mr Papandreou offered to hold talks with the opposition to seek consensus on the deal, adding that the referendum was never an end in itself.

Four ministers, including influential Finance Minister Evangelos Venizelos, opposed the referendum and there were calls for the prime minister to resign.