European Markets Fall After Greek Vote Pledge

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Markets fell Tuesday over concern that Europe's plan to save the euro is already falling apart.

Greek Prime Minister George Papandreou announced late Monday that he would let voters decide on the new bailout package.

Some financial experts say such a move could put the entire plan in jeopardy.

The vote is expected to come early next year; however, recent polls show most Greeks oppose the deal.

"While it may be the democratic thing to do. what happen if Greece votes 'no', which is possible given how unpopular the bailout plan appears to be amongst Greece's voters," said Michael Hewson, market analyst at CMC Markets.

"The resulting fallout could well result in a complete meltdown of the European banking system and throw Europe into turmoil," he added.

Euro-zone leaders had agreed on a plan that would significantly reduce Greece's debt.

Click play to watch the updated report from CBN News' Heather Sells.

Papandreou's announcement sent leaders scrambling to find a new solution.

Meanwhile, Greece's main opposition conservatives have called for Papandreou's resignation, accusing him of incompetence and blackmail.

One of the country's highly respected newspapers called the prime minister's announcement "a high risk initiative" and predicted it would speed the return of the drachma, Greece's old national currency.

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