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Most viewed in Economics
France and the Netherlands strike backThe EU has made three mistakes in its approach to austerity and economic rebalancing. |
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Barroso pledges EU 'growth initiative'Commission president says there is growing support from EU leaders for pro-growth strategies. |
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No EU deal on banking rulesUK blocks compromise agreement on new bank capital requirements at meeting of EU finance ministers. |
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Markets plunge on Greek referendum news
World markets are down sharply on news about the Greek referendum plans.
London's FTSE 100 is down 3.42%, Germany's DAX 5.72% and France's CAC 40 5.28%.
Hong Kong's Hang Seng closed 2.49% down and Tokyo's Nikkei Average 1.7%.
The euro and commodity prices also dipped following last night's announcement.
Banking shares were down sharply, amid fears about the impact of further economic problems on the balance-sheets of creditors. Société Générale dropped 14%, BNP Paribas 9% and Deutsche Bank 9%.
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Germany will find itself under pressure to accept the idea of jointly issued debt.
Organisation's twice-yearly report says jointly guaranteed bonds would help strengthen eurozone.
US, UK leaders say failure to deal with crisis will infect economies across the globe.
Commission president says there is growing support from EU leaders for pro-growth strategies.
