Nearly £30BILLION was wiped from the value of Britain's biggest companies in an HOUR

NEARLY £30BILLION was wiped from the value of Britain's biggest companies in an HOUR this morning.

Greece's shock decision to hold a referendum on the eurozone's rescue package sent shockwaves through the City.

Experts fear a "no" vote will trigger a full scale default by the country and see it booted out of the Euro.

By 9am the FTSE 100 was down 124.39 at 5418.83 after a £41billion plunge yesterday.

Today's grim start came as it was announced that the UK economy grew by 0.5 per cent between July and September, compared with 0.1 per cent growth in the previous quarter.

And it followed 24 hours of unprecedented gloom yesterday as eurozone growth forecasts were slashed and Greece announced its plans to vote on the EU rescue package.

Greek Prime Minister George Papandreou said voters will be asked if they approve plans to cut the nation's debt in a high risk move that could sink the whole delicate debt crisis deal.

And he will call a vote of no-confidence in his struggling Socialist government, which has seen its ratings plummet and parliamentary majority cut.

The bailout package - thrashed out by eurozone chiefs last week will mean a 50 per cent "haircut" for private banks and investors holding Greek debt.

In exchange, Greece will get a new 100billion euro loan (140bn US dollars).

Amid massive anti-cuts protests across Greece, Mr Papandreou said: "We trust citizens, we believe in their judgment, we believe in their decision."

Nearly 60 per cent of Greeks view the EU bailout package as negative, a poll found on Saturday.

Foreign Secretary William Hague said: "Every country has to have its own domestic political approach to these problems.

"Clearly the Greek government want to show there is support in their country for the action they are taking - but that is a matter for the Greeks."



George Osborne ... cuts hailedFears of a devastating global slump soared yesterday as a think tank warned debt-ridden Europe will grind to a HALT next year.



Growth forecasts for the eurozone in 2012 were slashed to a mere 0.3 per cent from the two per cent expected in May.