Greek referendum gamble risks eurozone breakup

For months European leaders vowed Greece would never be thrown out of the eurozone, but now Athens is gambling on its future with a referendum that risks unravelling 12 years of monetary union.
Prime Minister George Papandreou's shock announcement that he would ask Greeks to vote on a new debt rescue stunned his European partners and spooked markets, fearing that a "No" vote would leave the nation bankrupt.
The decision darkened the mood in Europe just days after markets were buoyed by a battle-plan to contain the two-year debt crisis, approved by European leaders at a marathon summit last week.
"This referendum does not only undermine the efforts made by all the parties to resolve the issues in the eurozone, but it may also become a vote for or against Greece remaining in the eurozone," said analyst James Hughes at trading firm Alpari.