European stocks have fallen sharply in trading after George Papandreou, the Greek prime minister, called for a national referendum on a eurozone-backed rescue package for his country's debt-crippled economy. Papandreou's call for a referendum raised the prospect that Greeks, a majority of whom oppose crippling austerity cuts which have been a precondition for international bailout funds according to polls, will derail the rescue efforts agreed by European leaders last week that would provide a $140bn loan to Athens and write off half of the country's debt. There is concern that the referendum would be unlikely to take place before January, creating months of uncertainty for the markets. The announcement has taken other European leaders by surprise, ahead of the G20 summit in Cannes, France, this week. In Germany, a member of Angela Merkel’s centre-right coalition said the news of the referendum gave the impression that Greece was trying to backtrack on its deal with EU leaders.

Pray:for the EU as it seeks a solution for the financial problems that are troubling them, especially the Greek situation. (Pro.3:13)

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