Transcript for Referendum Worries Markets
It could be another morning of turmoil for the globe's financial markets after word overnight that the government of Greece has now agreed to hold a referendum on whether to accept Europe's bailout plan. -- already angry over very deep budget cuts could sink the bailout plan altogether. Which could lead to Greece defaulting on its debt so what does that mean for the US economy. ABC and -- weekend anchor beyond a goalie Giguere is here to explain beyond hey good morning -- huge. -- -- Greek default could tip the European banking system into crisis. Which would have a serious impact here in the U west. First confidence here would fall now in the past few weeks there has been a burst of optimism. That things are getting better but if Europe's an economic turmoil competence and -- -- economy plummets as well. And the jobs picture would get worse because falling confidence would make businesses less willing to hire. You'll also find it harder to get a mortgage banks would be less willing to lend money and rates would go up. Now earlier today European markets were somewhat reassured by French president Sarkozy who said that the current bailout plan is the only way to resolve this crisis. He global leaders including President Obama will meet tomorrow in France for the G-20 summit.
This transcript has been automatically generated and may not be 100% accurate.