November 1, 2011 -- Updated 2120 GMT (0520 HKT)
Greece calls surprise bailout vote
STORY HIGHLIGHTS
- NEW: Dow Jones down 300 points after a day of global market losses
- Former deputy finance minister speculates the referendum may not take place
- Europe needs to push ahead with the deal, White House spokesman says
- A rejection of the deal could send Greece crashing out of the euro
Athens, Greece (CNN) -- Stock markets in the United States and Europe dropped Tuesday after Greek Prime Minister George Papandreou stunned the world by calling a national referendum on international aid for his country.
A "No" vote could theoretically force Greece to crash out of the euro and send shock waves through the global financial system.
Papandreou is seeking public backing from the Greek people for last week's bailout deal, which took months to hammer out.
But the move has created turmoil in domestic politics, with Papandreou forced to hold an emergency Cabinet meeting late Tuesday, and angered his European counterparts.
No comments:
Post a Comment