03 November, 2011

CNN Breaking News

Greek Prime Minister George Papandreou is backing off plans to hold a controversial referendum on an international bailout for his country, he told his Cabinet on Thursday, saying there was no need for it given opposition support for the tough austerity measures that accompany it.

Papandreou caused shock this week when he announced the referendum that would have allowed the Greek people to reject the hard-won eurozone debt deal that seemingly put the bricks in place for the economic salvation of the continent.

French President Nicolas Sarkozy said Wednesday that Greece would have to leave the group of 17 nations that use the European single currency if the country and its people failed to accept austerity and other measures that formed part of the bailout plan.

Thursday's developments came as leaders of the world's financial powerhouses met in Cannes, France, for the Group of 20 economic summit.

The G-20 meeting was scheduled to address adding confi dence and stability to the global economy, but the Greek crisis has dominated so far.

U.S. President Barack Obama, in France for the summit, said: "The most important task for us is to resolve the financial crisis here in Europe."

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CNN Breaking News

A House panel voted Thursday to subpoena the White House for documents related to the bankrupt solar energy company Solyndra, which received more than $500 million in federal loan guarantees.

Some Republicans have questioned the White House's relationship with the company, accusing it of stonewalling congressional investigators. The Obama administration says it has been forthcoming in answering questions.

The House Energy and Commerce Committee's subcommittee on oversight and investigations voted 14-9 in favor of issuing the subpoenas for internal documents regarding the loan guarantees after a contentious debate among subcommittee members.

Federal analysts looking at the proposed Solyndra loan in 2009 warned of possible problems as well as pressure from the White House to speed up a decision, according to a memorandum released last month by congressional investigators. Solyndra filed for bankruptcy in August and shut down, putting more than 1,000 people out of work.

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