Greek Prime Minister George Papandreou to offer resignation: reports

Greek Prime Minister George Papandreou is preparing to offer his resignation, according to reports from BBC News.

Greece’s conservative opposition leader is demanding the formation of a transition government and the immediate ratification by parliament of the new eurozone debt agreement.

Papandreou came under growing pressure to resign after calling a referendum on the deal. He was holding an emergency meeting with his ministers on Thursday.

Conservative leader Antonis Samaras made the demand for a transition government after several of Papandreou’s own Cabinet ministers and prominent members of his Socialist party made similar demands.