Transcript by www.newsy.com BY WEN YAN ANCHOR MEGAN MURPHY Is the Greek government on the brink of collapse? Prime minister George Papandreou held an emergency cabinet meeting after some members of his ruling socialist party threatened to abandon his government. Al Jazeera reports on the speculation going in.... " We don't know with any certainty that Mr. Papandreou is about to resign, but certainly the end is looking more and more likely to be very close for him indeed. The cabinet session that he called, the cabinet emergency meeting, has just gotten in a way for three hours. It's so late, it's certainly not gonna be a happy session." With his own cabinet ministers breaking ranks, media outlets report Panadreou's leadership remains on the brink. The New York Times reports, the government withdrew its referendum plans in that Thursday meeting, though the perception damage was already done. "...what Papandreou's done is has caused great turmoil in the market. Everything has been uncertain, they are not sure how to respond to the news of this deal. A 'no' in the vote to this referendum could essentially tank the deal and all of the effort that Europe has put in to help out Greece." According to CNN, Germany and France had given Greece an ultimatum -- leave the eurozone if voters reject the plan. Greece's finance minister went on record saying, it was too risky. "The acquis of the people, basically the inclusion of Greece in the euro zone should not depend on a referendum ...