European markets down after Greek referendum pledge
The Associated Press-
European markets took a pummeling in early trading Tuesday as investors fretted over the surprise decision by the Greek prime minister to call a referendum on last week's new bailout package for the debt-stricken country.
George Papandreou shocked markets late Monday by announcing that a plebiscite will be held after a confidence vote in the government takes place at the end of this week. Should the government pass the parliamentary hurdle, the referendum is expected to be held early in the new year.
Eurozone leaders agreed last week that private holders of Greek bonds should take a 50 per cent loss on their holdings.
News that Greece's Finance Minister Evangelos Venizelos went to a clinic after suffering stomach pains added to the renewed bout of fears in the markets.
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