Greek Prime Minister George Papandreou is out of ammunition. The embattled leader has been gradually losing control of his socialist party for some time, but the trend has sharply accelerated this week, as larger and angrier crowds take to the streets. He now plans to form a new government, but hopes that he can win passage in coming weeks for a new fiscal plan — needed to ensure the next European Union / International Monetary Fund loan tranche, and any future bailout package — are all but dashed. European leaders need to think about what to do next, and quickly.
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