US and European markets have fallen following Monday's announcement of a Greek referendum on the latest aid package to solve its debt crisis. Eurozone leaders agreed a 50% debt write-off for Greece last week as well as strengthening Europe's bailout fund. But the Greek move has cast doubt on whether the deal can go ahead. New York's Dow Jones fell 2% on opening. London's FTSE 100 was down 2.5%, while the Dax in Frankfurt and the Cac 40 in Paris were down over 4%. Shares in banks saw the biggest falls, with Societe Generale falling 16.0%, BNP Paribas down 11.9%, Credit Agricole down 10.8%, Commerzbank falling 10.0%, Deutsche Bank down 6.9% and Barclays 8.6% lower. German Chancellor Angela Merkel and French President Nicolas Sarkozy issued a joint statement following a telephone conversation between the two leaders saying: "France and Germany are determined to ensure with their European partners the full implementation, as quickly as possible, of decisions taken by the summit, which today are more necessary than ever." The two also said that eurozone leaders and the IMF would meet on Wednesday to hold talks over Greece.
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