Fitch Ratings added to the wave of fear in the market by warning of the outcome for the unexpected Greek referendum which Papandreou called for on Monday.

Fitch said that the plan to hold a referendum on the new bailout package poses threats to financial stability.

The agency sees the rejection of the new bailout will lead to high pressures on the government and shortly and inevitably force a disorderly default and potentially even an exit from the euro and Fitch sees that those events will surely have severe financial implications for the financial stability and viability of the euro zone.