Photo: paul goyette, Flickr
The news that Greece is planning on holding a referendum on austerity and aid is destroying European markets.Milan is off over 5%.
Germany, France and Spain are off around 4%.
European banks have given back all post-summit gains, with SocGen down 14%.
Earlier we mentioned how, predictably, Italian yields were blowing out once again.
So seriously, what does Europe do now?
UPDATE: Sarkozy will call Merkel this morning to discuss the referendum, according to the AFP.