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www.euronews.net After a marathon seven hour emergency meeting Greece’s cabinet has decided to back Prime Minister George Papandreou’s proposal for a referendum on a crucial European Union aid deal. The premier fought off a barrage of criticism with some calling him to quit for jeopardising Greek euro membership. But in the end they agreed to ask the Greek people, but probably not before January. Papandreou is gambling the referendum will give him a clear mandate to proceed with austerity measures to cope with the country’s debts - but it is a risk.

Barack Obama has traveled to New York to deliver a speech to Wall Street asking for the support of his Financial Reform bill. But will his proposal bring the change needed to fix the problems that helped cause a financial crisis in the first place?