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Confusion Still Prevails Over Greek Leadership
CNBC.com | November 04, 2011 | 07:54 AM EDT

The high-stakes poker game at the top of the Greek parliament will continue Friday as the country braces itself for the outcome of a key confidence vote later in the day.

Greek Finance Minister Evangelos Venizelos confrmed Friday that the government has dropped its plans to hold a controversial referendum. When Prime Minister George Papandreou called the referendum on Monday, it plunged his government into chaos.

Venizelos has told Eurogroup Chairman Jean-Claude Juncker, European Commission's Economy and Monetary Affairs chief Olli Rehn and German Finance Minister Wolfgang Schaeuble, that the referendum will now definitely not take place, the Greek finance ministry said in a statement.

Opposition party New Democracy favors the installation of an interim coalition government, the resignation of Papandreou and a snap election as soon as possible, a source in the party told CNBC. The party is eager to ensure that Greece gets its next tranche of aid.

Papandreou wants his party the Panhellenic Socialist Movement (Pasok) to support him in today's confidence vote, and has told them that this will give him, and the party, more negotiating power with the opposition, a separate source in the Greek government told CNBC.

On Thursday, a flurry of will-he-won't-he headlines from Athens had Papandreou in and out of office like a jack-in-the-box.

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