US markets plunge as Greek parliament calls crisis talks

Greece's Prime Minister George Papandreou has called an emergency cabinet meeting for this afternoon as speculation mounts the country's government is about to collapse.

Overnight the Greek PM stunned markets after announcing a referendum in Greece about whether to accept the terms of the eurozone bailout. His position at the helm is now under a renewed threat, with the Guardian reporting six MPs have so far called for his resignation. Papandreou and the ruling party are at risk of losing the working majority in the 300-seat House, according to the report. "It's all over. The government is about to collapse," an official told the newspaper. Markets saw heavy losses following the latest twist in the Greek debacle. US shares followed the trend ...