By Greg Peel

The Dow fell 297 points or 2.5% while the S&P lost 2.8% to 1218 and the Nasdaq dropped 2.9%.

Across the world right now those with any reason to care are likely wishing the once globally insignificant economy of Greece could be set up on a kicking tee and booted as far into the Mediterranean as possible where it can sink or swim on its own, and no one would much care which. Perceived as lazy tax cheats, the people of Greece will potentially now determine whether or not the world will plunge into Depression in order that the Greek lifestyle not be compromised.

It was early yesterday morning Sydney time that news came through of a declaration from Greek prime minister George Papandreou that the new Greek bail-out deal, which includes strict austerity measures and is at the fundamental centre of last week's announced plan to save Europe, must be put to the Greek people in a referendum. Europe and the US had been more focussed on problems in Italy at the time but falls on Asian zone markets reflected this renewed uncertainty.