French President Nicolas Sarkozy said the Greeks would get no more eurozone rescue aid - "no French taxpayer money, no German taxpayer money" - until the question is answered. Without aid, Greece would be bankrupt within weeks.
Mr Papandreou said the referendum, which must be approved by the Greek Parliament, could be held December 4 at the earliest. He said Wednesday he had tried for a broader political consensus on Greece's bailout but "this wider consensus did not exist". He said he hoped the Greek people would vote affirmatively. "The people are wise and capable of making the right decisions for the benefit of our country", he said. "A positive decision by the Greek people is not only a positive decision for Greece, it is a positive decision for Europe."
Should the referendum fail, Greece would come unmoored from the eurozone and likely default on its €350 billion ($480 billion) of debt—sending a giant shock wave that could test the resilience of other weakened eurozone countries. But should it succeed, the Greek government would have a strong mandate to push through austerity measures and proceed with the European Union's plan.
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