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You're reading: Greek referendum threatens new euro zone crisis
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Euro zone leaders agreed to hand Athens a second, 130-billion-euro bailout and a 50-percent write-down on its enormous debt to make it sustainable.

Papandreou, whose ruling Socialist party has suffered several defections as it pushes waves of austerity measures through parliament while protesters rally outside, said he needed wider political backing for the fiscal measures and structural reforms demanded by international lenders.

"If there was to be a referendum, we may reasonably conclude that they may not accept the austerity measures. We may conclude that it will bring the pack of cards tumbling down," Howard Wheeldon, senior strategist at BGC Partners in London, said.

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