Welcome to the FT’s live blog on the eurozone crisis.
Curated by John Aglionby and Orla Ryan on the world news desk with contributions from correspondents around the world. This post will update every few minutes though it may take longer on a mobile device.
George Papandreou, the Greek prime minister, caused a major surprise on Monday night and re-opened the eurozone sovereign debt crisis when he announced a public referendum to approve the second bail-out thrashed out last week by European leaders. Public opinion polls show a majority of Greeks oppose the bail-out. The PM will hold an emergency cabinet meeting at 4pm UK time on Tuesday. Parliamentary debate on the proposal starts in Athens on Wednesday.