Greece in meltdown

From the Daily Mail:

Europe was teetering on the edge of disaster last night as fears grew that the Greek government is about to collapse.

Markets nosedived around the world, with billions wiped off the value of Britain’s leading firms, as Athens announced extraordinary plans to sack its military leaders amid rampant speculation that it was trying to head off a coup d’etat.

‘It’s all over. The government is about to collapse,’ said one Greek official. Greece’s former deputy finance minister Petros Doukas agreed: ‘The **** has hit the fan.’

Greek ministers this morning voted unanimously for a referendum on the bailout deal to take place in December, backing the proposal made by Prime minister George Papandreou as he fought to save his own skin.

'The referendum will be a clear mandate and a clear message in and outside Greece on our European course and participation in the euro.

'No one will be able to doubt Greece's course within the euro.'

Economists warned that if Greece rejects the debt deal hammered out only last week, which would entail years of austerity, the entire future of the single currency is in peril.

They predicted that Italy, Spain and Portugal are likely to be plunged into a profound economic crisis because of their failure to get to grips with their towering debts.

Read more: http://www.dailymail.co.uk/news/article-2055872/Greece-referendum-Crisis-deepens-Greek-National-Defence-chiefs-sacked.html#ixzz1cXC5pC9i