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Get in line or get out of the eurozone, EU tells Greeks as Cameron warns of ‘global storm’ threat to Britain’s economy

JAMES CHAPMAN and GRAHAM SMITH
UK Daily Mail [1]
November 3, 2011

Greece woke up this morning to a deepening crisis as its finance minister broke ranks with Prime Minister George Papandreou over his call to hold a referendum on a single currency rescue deal.

Evangelos Venizelos issued a written statement today on returning from an emergency meeting in Cannes, France, where he accompanied Mr Papandreou for talks with top European officials.

Mr Venizelos said Greece’s position within the euro ‘cannot depend on a referendum’.

As the eurozone reeled from yesterday’s shock announcement, Germany and France said they would cut off Greece’s bailout cash until its people voted in favour.

And, in another development, China today said it refuses to invest in the European Financial Stability Fund until the situation has been resolved.

Global stock markets fell sharply this morning. The FTSE 100 Index opened 1.2 per cent, or 66 points, down at 5416.2; Hong Kong’s Hang Seng index fell 2.2 per cent to 19,301.50; South Korea’s Kospi lost 1.3 per cent to 1,872.87 and Australia’s S&P ASX 200 lost 0.7 per cent to 4,155.10.

Full article here [1]