Bailout Referendum Brings Greek Government to Brink of Collapse

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World markets plunged Tuesday after Greek Prime Minister George Papandreou announced a surprise plan to hold a national referendum on the proposed European bailout package, bringing the Greek government to the brink of collapse. Several members of Parliament's governing Socialist Party have called on Papandreou to resign, and some members of his own party have called for new elections immediately. A no-confidence vote is scheduled for Friday. Early Wednesday, the Greek cabinet backed Papandreou's referendum plan. Some analysts worry the referendum will bring Greece dangerously close to defaulting on its debt.

Elena Panaritis, a Greek MP from the ruling PASOK party, tells The Takeaway whether she supports the referendum plan. Andrew Walker, economics correspondent for the BBC, reports on the latest developments.