Greeks greet referendum with cynicism

Greek Prime Minister, George Papandreou announced that he would be holding a referendum on the bail-out package - a surprise to his own party, his people, and to all of Europe.

Rumours and questions as to why Papandreou made the surprise move are rife, but the minister is keeping his counsel for now. With concern that the referendum would be unlikely to take place before January, creating months of uncertainty for the markets, the mood in Athens is one of cynicism and despair.