Greek Referendum and the Greek PM

BBC News: Reports that the Greek PM George Papandreou faces a revolt in his own Pasok Party over the call for a Referendum on the EU deal. One can see why folks, his MPs are voted for the austerity package and now they see their leader covering his own back with a Referendum call. The Greek Opposition is opposed to a Referendum but its not going to go in to a General Election calling for Austerity plus are they, that would be political foolish. The Stock Markets all over the world have nosedived as predicted last night, thus what of the EU deal of last week, its on life support folks, if Greece defaults then major French and German banks will be hit, this will invoke default insurance around the world, thus pushing the Western economy over a big cliff. Then there is Italy, if that goes down the toilet its goodbye Euro even the EU folks.