Bernie Ecclestone, the Formula One chief executive, has revealed that his ex-wife spent more than £12 million on their youngest daughter’s wedding without telling him.

Bernie Ecclestone and ex-wife Slavica (left) and Petra with her new husband art dealer James Stunt Photo: REX FEATURES

Mr Ecclestone, who is estimated to be worth about £2.5billion, gave a rare insight into his family’s billionaire lifestyle when he told a German court of the wedding bill.

He explained that he had no idea what the cost was be until after his daughter Petra’s wedding because he had argued with his former wife Slavica Ecclestone over the cost shortly before the ceremony.

He said although he had offered, as the father of the bride, to pay, he had fallen out with Mrs Ecclestone over the proposed cost of the drinks, which are said to have included Chateau Petrus wine at £4,000 a bottle.

As a result, his ex-wife, who with a fortune of £750 million is one of the country’s wealthiest millionaires as the result of a divorce, ran up the huge bill without telling him.

Mr Ecclestone was giving evidence at the trial of Germany’s biggest post-war fraud trial against a German banker.

The King of Spain’s son-in-law was at the centre of a corruption storm today as he came under investigation for siphoning off public money.

Inaki Urdangarin - the husband of King Juan Carlos and Queen Sofia's youngest daughter Infanta Cristina - is suspected of misappropriating cash paid into an NGO.

The former handball player now faces a possible interrogation by investigating judge Jose Castro  and risks causing huge embarrassment for the royals.

It is claimed that his non-profit company, Instituto Noos, was given an enormous 2.3million euros (just under £2million) by the Balearic Islands’ regional government to organise two conferences on tourism and sport in 2005 and 2006. 

The judicial investigation is looking into whether the bills for the events were inflated and if the money ended up in private companies run by Urdangarin, who is Duke of Palma, the capital of Majorca.

Urdangarin, 43, left Instituto Noos in 2006, months after the exorbitant sums paid by the Balearic government were revealed by the Socialist Party.

 

 

He said today: 'I cannot comment about on-going judicial proceedings.'

The prosecution claims Urdangarin and his associate Diego Torres created a network of societies with which they diverted public and private funds received by Instituto Noos.

Under suspicion: The former handball star is charged with creating a network of societies into which he diverted private and public funds

Regal scandal: Princess Cristina and Urdangarin (far right) pose with Spain's royal family King Juan Carlos, Queen Sofia, Crown Prince Felipe and wife Princess Letizia and Princess Elena

They are under investigation for document falsification, corruption, fraud and embezzlement, and Torres’s home has been searched.

The Royal Household expressed its 'absolute respect' for the legal decisions and added that it has 'nothing to say at this moment' as this is 'an investigation which must follow its course'.

The Duke and Duchess, who married in 1997, now live in Washington, DC. The couple have four children. 

Urdangarin played in Spain’s national handball team at three Olympic Games, captaining the side for Sydney 2000.

James Murdoch giving evidence for a second time to the MPs' select committee

James Murdoch giving evidence for a second time to the MPs' select committee, during which he claimed News of the World's former editor Tom Myler and lawyer Tom Crone did not tell him about 'widespread criminality' at the newspaper. Photograph: AFP/Getty

James Murdoch has accused the News of the World's former editor and senior lawyer of not telling him about suggestions of wider phone hacking at the newspaper in 2008.

 

Giving evidence for the second time about the News of the World phone-hacking scandal before MPs on the Commons culture, media and sport committee, Murdoch insisted that the context of the bombshell "for Neville" email was withheld from him by Colin Myler and Tom Crone when they discussed the payout to Gordon Taylor, the Professional Footballers' Association chief, in June 2008.

 

Murdoch, who oversees the now-defunct News of the World's publisher News International as News Corporation's deputy chief operating officer, told MPs that Crone and Myler had misled parliament with their testimony in the summer.

 

Crone, the former head of legal at the Sunday red-top, said in a written letter to the committee earlier this week that recently published emails appear to show that Murdoch knew about the "for Neville" email in May 2008 – more than two years before he maintains he was told about widespread hacking at the paper.

 

"After the resignation of [former News of the World editor Andy] Coulson, [former News International chairman Les] Hinton brought Myler in to clean things up and bring newspaper forward," Murdoch told MPs. "If he had known that there was wider-spread criminality I think he should have told me."

 

He later insisted that Myler and Crone did not "discuss elements of widespread criminality" with him in the 2008 meetings. He added that previous evidence given to the committee by Crone and Myler was "inconsistent and not right".

 

Murdoch said: "I've had time to reflect on all of these events and it is appropriate to reflect and to think that the whole company is humbled by this and learn why we couldn't get to grips with it as fast as we would have liked."

 

In a fractious and detailed line of questioning halfway into the session, Labour MP Tom Watson revealed that he had met the former NoW chief reporter Neville Thurlbeck on Thursday morning immediately before the hearing and he had told him that Crone had intended to show Murdoch the "for Neville" email in May 2008.

 

The "for Neville" in the subject line of the email in question is believed to refer to Thurlbeck. He maintains that he was not involved in or aware of phone hacking at the News of the World.

 

Watson quoted Thurlbeck as saying: "This is not some vague memory, I was absolutely on a knife edge. Tom took it to him. The following week I said 'did you show him the email?' He said 'yes I did'. Now he can't remember whether he showed it to Mr Murdoch or not."

 

Murdoch replied: "I remember what I was told at the time and I was not told at the time."

 

Ending his questioning, Watson likened News International to the mafia and asked Murdoch whether he had every heard of the phrase "omertà", which means a mafia vow of silence.

 

An audibly irritated Murdoch replied that he had not. Watson then accused the News Corp executive of being "the first mafia boss in history" who did not know what was going on in his organisation.

 

Murdoch responded by telling Watson, who has persistently pursued News Corp over the phone-hacking scandal for the past two years, he thought the comment was "inappropriate".

Hundreds of foreign residents could lose their homes after mortgage scam in Spain

 

A group of some twenty foreign residents of the Costa del Sol have denounced a fraud under which they could lose their homes. They have formed a platform to denounce a mortgage fraud which had the objective of getting large amounts of money which was then invested in financial havens such as Luxembourg or the Channel Islands. There were foreign victims, mostly all retired, along the entire Spanish coastline and on the islands, from the Costa del Sol to the Costa Blanca, Baleares and Canaries. The scam was headed by foreign banks and foreign financial advisors, nearly all from Denmark, who had been working for some years in Spain, many without the correct authorisation of the National Commission for Market Values. They told the foreigners purchasing property that they had to get a mortgage as otherwise they would be hit with high Spanish taxes. The sales patter for these inverted mortgages claimed that residents’ homes were in danger from the Spanish taxman, claiming Spain would claim between 70 or 80% in succession tax. In effect the scheme invited the foreigners to defraud the Spanish Hacienda tax authorities. The lawyer representing those affected in Málaga, Antonio Flores, from Lawbird in Marbella, said the victims signed up for ‘predatory mortgages’ which offered the possibility of mortgaging their homes for nearly five years at a value above the level of the official appraisal and investing the money outside Spain, mostly in Luxembourg, in order to obtain a profit which covered their costs and gave them an extra payment. Some 800 contracts for the scheme were taken out between 2004 and 2009, and now the foreigners’ platform on the Costa del Sol is appealing to the National Court that those contracts be declared null and void. The total fraud is estimated at 250 million €. The mortgages were signed in Spain, with Spanish notaries and the investment contracts were signed in offices which the financial agents had in Spain, or in some cases in the client’s home. Nearly all those offices are now closed and the financial agents implicated have abandoned Spain. The clients’ money went on the purchase of currency or bank bonds in operations which soon lost money, leaving many of them now facing the possibility of losing their homes.

Man decapitates his daughter in Girona saying the devil ordered him to kill her

 

Latin American man was arrested at his home in Girona on Thursday morning after telephoning emergency services to say he had killed his two year old daughter. His other daughter, aged six, was found with him at the family home on Calle Oviedo unhurt. She is understood to have been watching television when it happened. Her sister’s decapitated body was found lying on the bed when a medical team arrived at the property with police. The father is reported to have claimed that the devil had ordered him to kill her.

Civil Guard have arrested 18 members of a drugs network which had its main base in Bilbao

Some of the drugs recovered. Photo - Civil Guard

The Civil Guard have arrested 18 members of a drugs network which had its main base in Bilbao and smuggled cocaine into the country from Colombia for sale on the Canary Islands.

They used drug mules to bring the cocaine into Spain on regular flights to Madrid, who were often made to practice before the trip by swallowing capsules containing a similar volume of flour. Once in Spain, the cocaine was cut at their base in Bilbao and sent on to the island of La Palma for distribution.

The suspects are 14 Colombian citizens, three Spaniards and another from Venezuela. They include six couriers, including two who were arrested in Colombia as they were about to board a flight to Spain and another at Lanzarote Airport. This last was found to be carrying more than one kilo of cocaine inside his body.

Eight addresses were searched as part of the operation, when 11 kilos of cocaine, 6 kilos of cannabis and 1.5 kilos of an adulterating substance were seized.

Read more: http://www.typicallyspanish.com/news/publish/article_32647.shtml#ixzz1dJZ9i2Hx

Dogs crap can cost a fortune in Marbella municipality

 

The fine for not picking up dogs crap is raised in Marbella municipality up to 30.000 Euros. Around the street with lovely Marbella apartments, Marbella villas and property Marbella is it full with dog crap. Marbella municipal leaders want to strengthen measures to remove animal waste from the city streets. Therefore it has been assumed increased fines. . A first-time offense will be punishable by between 75 and 500 Euros in fines. Relapses can lead to penalties of up to 2.000 Euros, while cases that are considered particularly serious will be punished with up to 30.000 Euros in fines. The interesting thing about this is how the Marbella municipality is going get any money from the dog owners who miss behaving mostly are poor low class people with no money.

Waiter found guilty of killing Ukrainian call-girl in Mijas

 

THE man charged with killing and dismembering a Ukrainian call-girl in Mijas in April last year has been found guilty. The public prosecution was asking for 14 years for manslaughter and five months for desecration of the body. Alla Mefodova, 36, disappeared in Fuengirola, and police only recovered the remains of her hands. DNA tests confirmed they belonged to her. The man confessed that he had been out drinking on the night of April 5, 2010, and enlisted the services of a call-girl who identified herself as Bianca. It was the six calls he made to her phone which led police to him. He told the police they were together at his house for several hours during which they drunk a bottle of whisky and took cocaine. He claimed they began to argue, probably about money. He says that he fell asleep and doesn’t remember how the woman died, but admitted that when he saw she was dead, he went into shock, considering calling the police or committing suicide, but that instead, he took her personal belongings and clothes and burned them. Later, he bought a saw, cut her body into pieces and put them into bags which he dumped in rubbish containers in the area. He claimed to have fainted several times in the process. The waiter from Castilla-La Mancha had no criminal record and had never been accused of violent behaviour. Just a month earlier, Alla had managed to bring her 17-year-old son to Spain, after leaving him with her mother in the Ukraine when he was just seven years old. He and a close friend reported her missing.

Michael Jackson sisters happy with justice

 

Michael Jackson's sisters La Toya and Rebbie are relieved and happy after a court jury found the late pop superstar's personal physician Conrad Murray guilty of involuntary manslaughter in the singer's anaesthetic-induced death. After the verdict was announced Monday, his sisters let fans know they were happy with the climax of the trial. "Victory was served," said La Toya, while her sister added: "I'm just happy it's over with. Nothing will bring him back, but I'm just happy he (Murray) was found guilty." La Toya confirmed she was the courtroom guest who said "Yes!" as the verdict was read. The Jackson family has been a constant presence in court throughout the trial and Janet Jackson cut short her Australian tour to be at Monday's climax. She was joined by brothers Randy and Jermaine and her parents Joe and Katherine, contactmusic.com reported. A statement from Katherine and Joe Jackson read: "We have been waiting for this moment for a very long time and we couldn't hold back tears of joy in the courtroom. Even though nothing can bring back our son, justice has finally been served!" The two added: "We can't wait to go home and share this day with Michael's children." The 50-year-old Jackson died June 25, 2009 at his Holmby Hills estate in Los Angeles when he was preparing for his comeback series of 50 sold-out London concerts. The Los Angeles County Coroner's Office ruled Jackson died of "acute propofol intoxication". Prosecutors accused 58-year-old Murray of failing to properly monitor Jackson after giving him a lethal dose of propofol. They contended that the cardiologist repeatedly acted with gross negligence, repeatedly denied appropriate care to his patient, and that it was Murray's repeated incompetence and unskilled acts that led to Jackson's death. Murray was a little bit shocked by Monday's decision, Xinhua reported. He was handcuffed after the verdict was read and was immediately remanded to custody in county jail without bail pending his sentencing Nov 29. At the conclusion of the six-week trial, the seven-men, five-women jury read the long-expected verdict. Murray, who faces up to four years in prison, remained stone-faced as the verdict was announced, showing no visible reaction. The jury deliberated for about eight-and-a-half-hour before reaching a verdict. When the verdict was announced, some cries of "yes" could be heard from the courtroom audience. Jackson fans were seen celebrating when the news spread outside the courthouse. Droves of fans gathering outside the courthouse were elated by the news. One man, who asked not be named, said this was a victory for Jackson and his family. "Murray is guilty because he failed to call 911, this is negligence for a doctor", he said.

GUILTY! Michael Jackson's doctor found guilty of manslaughter in King of Pop's death

To many of his devoted patients, Conrad Murray was a caring doctor who would offer treatment for free to the poor.

But his secret double life as a deadbeat dad and a compulsive womaniser led him to take a lucrative job as Michael Jackson's personal drug doctor.

Desperate for cash to pay his mounting debts, Murray took the lucrative post injecting Jackson - no questions asked - with nightly doses of the knock-out sleep drug that ultimately killed the world's biggest star. 

Murray's $1.2m Las Vegas mansion was about to be repossessed after he fell $96,000 behind with the mortgage in 2009 when Jackson asked him to travel to London with him as his full-time physician, official documents reveal.

His two medical practices in Nevada and Texas faced $631,000 in court judgments and he was late paying a $64,000 personal loan and thousands of pounds in child support.

The Grenada-born doctor's spiraling debts were the reason Murray demanded $4.8m from Jackson when he was first offered the job, said friends. He later settled for $160,000-a-month.

Hours after being convicted of causing the death of the King of Pop, Murray was revealed as the King of the Cads.

Murray, who is married, has fathered at least seven children with six women, most of them out of wedlock.

According to court records, he has also been sued more than a dozen times for claims including breach of contract and unpaid child support.

 

 

 

In April, 2009, Murray was sentenced to 10 days in jail for non-payment of child support and was ordered to spend 25 days behind bars for the same reason in 2007. On both occasions, he eventually paid up to avoid going to prison.

Partner: Nicole Alvarez, 29, told the jury she had been living with Murray for the last three to four years and had a son with him. She said he called her while her was in the ambulance with Jackson en route to hospital

Prosecution witness: Sade Anding was a cocktail waitress who met Murray in Houston was on the phone to him when Michael Jackson's heart stopped

 

More women: The court heard from Michelle Bella (L) an exotic dancer Murray met in Las Vegas, and Bridget Morgan (R) a former girlfriend who testified she called Murray earlierthe morning Jackson died

He was also arrested twice on charges brought by former girlfriends, once for fraudulent breach of trust and once for domestic violence, although he was never convicted.

While still living with his doctor wife, Blanche, and their two children in Las Vegas, Murray was also paying the $2,564-a-month rent on a flat in Santa Monica, California, for his 29-year-old actress lover Nicole Alvarez.

'I am proud to say that I am a fortunate homosexual man. I am very blessed to be who I am.

The 39-year-old, who is a father to three-year-old twins Matteo and Valentino, has been in a relationship with Carlos for four years.

Ricky Martin is apparently keen to marry Carlos Gonzalez (Getty Images)

He chose to apply for Spanish citizenship in order to take advantage of the country's decision to legalise same sex marriage in 2005, reports El Pais.

The government was seemingly pleased to welcome the Livin' La Vida Loca star and, unusually, did not ask him to renounce his Puerto Rican or US citizenship.

Ricky is yet to comment on the reports, but the newspaper claimed he intended to tie the knot in Spain rather than one of the US states that allows same sex marriage, as he wanted to pay tribute to prime minister Jose Luis Rodriguez Zapatero's support for gay rights.

The singer surprised many of his fans when he came out last year by releasing a statement that read: 'I am proud to say that I am a fortunate homosexual man. I am very blessed to be who I am.'

Man arrested over alleged police payments named as Sun journalist

 

A Sun journalist has been arrested as part of Scotland Yard's investigation into alleged payments to police officers by newspapers. The reporter is believed to be Jamie Pyatt, district editor of the paper. The arrested journalist was taken to a South West London police station at 10.30am on Friday. Pyatt, 48, has been working at the Sun since 1987. He is the sixth person arrested by detectives working in Operation Elveden, which was set up in July following allegations that police officers had received up to £130,000 over several years from the News of the World for information, including contact details of the royal family. News International refused to comment on the arrest and saying it had "a very clear duty of care to employees and would not be making any comment on individuals". Scotland Yard also refused to confirm the identity of the person it arrested, but said in a statement earlier that it had arrested a 48-year-old man in connection with Operation Elveden. Its statement said: "He was arrested outside London on suspicion of corruption allegations in contravention of section 1 of the Prevention of Corruption Act 1906, and is being brought to a south-west London police station." Operation Elveden is one of three Met investigations relating to alleged illegal activities by newspapers. The others are Operation Weeting and Operation Tuleta, set up to examine phone hacking and computer hacking, respectively. On Thursday, Scotland Yard confirmed to the Guardian that the number of people whose phones may have been hacked had reached 5,800 – 2,000 more than previously stated. So far 16 people have been arrested and bailed on allegations of phone hacking.

Italy government hangs by thread as coalition crumbles

 

Italian Prime Minister Silvio Berlusconi's fate hung by a thread Friday and desertions from his crumbling centre-right coalition may have already robbed him of the parliamentary numbers he needs to survive. Berlusconi, caught in the crossfire from European powers and a party revolt at home, agreed at a G20 summit in France to IMF monitoring of economic reforms which he has long promised but failed to implement. But this may soon be irrelevant for the Italian leader, who will return to Rome later Friday to face what looks increasingly like a deadly rebellion by his own supporters. With financial markets in turmoil over the situation in Greece and Italy viewed as the next domino to fall in the euro zone crisis, calls are mounting for a new government to carry through reforms convincing enough to regain international confidence. Berlusconi has consistently rejected calls to resign and says the only alternative to him is an early election next spring, rather than the technocrat or national unity government urged by many politicians and commentators. Yields on 10-year Italian bonds reached 6.36 percent by early afternoon, creeping closer to 7 percent, a level which could trigger a so-called "buyers' strike" where investors take fright and refuse to buy the paper. Two deputies from Berlusconi's PDL party this week defected to the centrist UDC, taking his support in the 630-seat lower house of parliament to 314 compared with the 316 he needed to win a confidence vote last month. But at least seven other former loyalists have called for a new government and could vote against the 75-year-old media magnate. "The (ruling) majority seems to be dissolving like a snowman in spring," said respected commentator Stefano Folli in the financial daily Il Sole 24 Ore. Other commentators spoke of an "inexorable" revolt against Berlusconi. Even Defence Ministry undersecretary Guido Crosetto, a Berlusconi loyalist, said on television: "I don't know how many days or weeks the government has left. Certainly a majority relying on a few votes cannot continue for long." PATRONAGE Berlusconi, one of Italy's richest men, still has significant powers of patronage and he and his closest aides are expected to spend the weekend trying to win back support for a parliamentary showdown Tuesday. Some rebels have already threatened to vote against Berlusconi in the vote to sign off on the 2010 budget. Berlusconi faced concerted calls to resign when he lost a previous vote on this routine measure, which was almost unprecedented. Although it is not a confidence motion, he would come under huge pressure if he suffered a second defeat. "Unpopular prescriptions are necessary and this challenge cannot be faced with a 51 percent government," said UDC leader Pier Ferdinando Casini, in a reference to Berlusconi's weakness and a widespread feeling that the reforms can only be passed with a broad consensus. The premier has promised European leaders that he will call a formal confidence motion within 15 days to pass amendments to a budget bill incorporating new measures to stimulate growth and cut Italy's huge debt. That will be in the Senate where he has a more solid majority but it could still bring him down. Berlusconi, beset by a string of sex scandals and court cases, has consistently resisted pressure from groups ranging from a powerful business lobby to the Catholic Church to stand down.

Chris and Mary Gorman were arrested by police in Orlando, Florida, after a member of staff at the city's Roxy venue found two men and a woman in the men's toilets.

Accused ... Mary Gorman.

A multimillionaire British couple have vowed to fight charges against them after they were arrested in a US nightclub following an alleged sex act.

Entrepreneurs Chris and Mary Gorman were arrested by police in Orlando, Florida, after a member of staff at the city's Roxy venue found two men and a woman in the men's toilets.

The couple, who live in Renfrewshire and are thought to be worth more than £40 million ($62 million), do not face indecency charges.

TV celebrity Peter Andre visited the new Aventura Amazonia

 

TV celebrity Peter Andre visited the new Aventura Amazonia adventure park in Marbella with his children.

 

The visit was part of a recording for ITV2’s ‘My Life’.

 

British couple have vowed to fight charges against them after they were arrested in a US nightclub following an alleged sex act.

Accused ... Mary Gorman.

 British couple have vowed to fight charges against them after they were arrested in a US nightclub following an alleged sex act.

Entrepreneurs Chris and Mary Gorman were arrested by police in Orlando, Florida, after a member of staff at the city's Roxy venue found two men and a woman in the men's toilets.

The couple, who live in Renfrewshire and are thought to be worth more than £40 million ($62 million), do not face indecency charges.

Hugh Grant is the delighted father of a baby girl. He and the mother had a fleeting affair and while this was not planned, Hugh could not be happier or more supportive

British actor Hugh Grant has become a father for the first time at the age of 51. Photograph: Leon Neal/AFP

Film star turned anti-hacking activist Hugh Grant has become a parent for the first time at the age of 51.

The actor – best known for roles in Four Weddings and a Funeral and Bridget Jones's Diary – became father to a baby girl earlier this month.

The identity of the mother has not been revealed but a spokeswoman for the actor said they were on good terms.

She added: "I can confirm that Hugh Grant is the delighted father of a baby girl. He and the mother had a fleeting affair and while this was not planned, Hugh could not be happier or more supportive. He and the mother have discussed everything and are on very friendly terms."

Grant has had several high-profile previous relationships, including with Elizabeth Hurley and socialite Jemima Khan, from whom he split in 2007.

The actor has kept a low profile on the big screen in recent years. His last role was alongside Sarah Jessica Parker in 2009's Did You Hear About the Morgans? and his next project is to voice the role of a captain in animated film The Pirates!, due for release in spring.

Grant, who suspected that his own phone had been hacked, recently emerged as the unofficial spokesman for victims of phone hacking at the News of the World after railing against politicians for failing to curb the power of Rupert Murdoch. He wrote a New Statesman article after secretly recording a conversation with a former News of the World reporter, Paul McMullan, in which he alleged that ex-editor Rebekah Brooks knew about hacking at the paper.

Taking a shot … Roger Moore, shown here in 1984 Bond film A View to a Kill, was less than impressed by Quantum of Solace

. Photograph: Allstar/Cinetext Collection

Former James Bond actor Sir Roger Moore has described the franchise's most recent outing, Quantum of Solace, as "a long, disjointed commercial".

 

The 84-year-old actor, who played 007 for 12 years between 1973 and 1985, was speaking to a reporter from Cambridge University's Varsity newspaper when he criticised the film, which was released in 2008 and starred Daniel Craig. Moore, who praised Craig's interpretation of Ian Fleming's secret agent despite disliking the film, also passed comment on another Bond - his own predecessor, Sean Connery. "Sean is a good actor," said Moore. "It's a pity I can't understand what he's saying."

 

Moore, known for his wry sense of humour, rounded off the interview by revealing that his favourite contemporary actor is Johnny Depp. "I wish he would change his name to something I can remember," he quipped.

 

The actor also identified his favourite Bond girl – his wife, Danish-Swedish multi-millionaire Kristina Tholstrup. He was visiting the university to give a speech at the student union, where he introduced himself as "Moore, Roger Moore".

 

Meanwhile, Daniel Craig will return as 007 in a new James Bond film, rumoured to be titled Skyfall, which will arrive in cinemas next year. Javier Bardem, Ralph Fiennes and Naomie Harris have all been linked with the film, which will be helmed by American Beauty director Sam Mendes. Official confirmation of the film's details will be announced at a press conference in London tomorrow

Wall Street markets are suffering huge falls this morning as fears grow that Europe's plan to save the euro will unravel

Wall Street markets are suffering huge falls this morning as fears grow that Europe's plan to save the euro will unravel before it can even kick in.

Greek Premier George Papandreou said he will put Greece's bailout through a referendum, throwing the long-awaited deal into disarray.

Financial markets around the world have tumbled in reaction to the shock announcement today and U.S. stocks have also fallen at the open.

Wall Street: Financial markets around the world have tumbled in reaction to the shock announcement and U.S. stock futures are down on Tuesday

The Dow Jones opened down 258 points, or 2.2 per cent; the Nasdaq fell 78 points, or 2.9 per cent, and the S&P fell 33 points, or 2.7 per cent.

‘The market did not see this Greek referendum coming, which is potentially a killer,’ said Vermont investment strategist Paul Mendelsohn.

 

 

 

‘It could knock the wheels off the bus of the whole (Europe rescue) plan.’