Last week, the EU agreed on yet another rescue package for Greece, which was a) meant to cut Greece's debt by 50 %, b) ensure that banks across Europe had enough money to absorb losses associated with bad Greek debt, and c) increase the Eurozone's central fund for bailing out debt-ridden nations - all of which were meant to reassure nervous global markets etc. etc. Today, however, the Greek prime minister threw an unexpected spanner in the works by announcing that he plans to hold a referendum, to ask the Greek people (who have already had enough of the EU dictating terms to them, and imposing ever harsher austerity measures on them from afar) whether or not they approve of the bailout package... this alone has been enough to trigger a wave of speculation about how stable the Greek government is and may spell the end of the current Greek government, before a single vote is even cast. The implications of a Greece default (well, a full scale default, as opposed to the carefully managed one that is already underway) are big for the whole of Europe, and probably would have major repercussions everywhere else too. With the fans back on to full speed and with fecal matter at the ready, is Greece about to go down, is there any way to avoid a catastrophe, and what (if anything) should be happening?