German Chancellor Angela Merkel and French President Nicolas Sarkozy, who met Greek Prime Minister George Papandreou on Wednesday, said that Greece's future in the Euro zone will be determined by the referendum to be held in early December.
Should the Greek voters reject the recently announced bailout package by the EU; the Greek government will not receive any further financial assistance.
We wish to continue to build up the euro and Europe with Greek friends but it's up to the Greeks to decide if with us or not," Sarkozy said.
The European leaders have also decided to defer the 8 billion euro aid due this month to Greece until the vote is held.
European policymakers agreed in last week's summit on 50 percent write-down of Greek sovereign debt by bondholders, while sanctioning a 130 billion euro second rescue package to the nation. However to receive the aid, Greece must implement harsh spending cuts and other austerity measures, which are opposed by the country's citizens.
The referendum could be held on December 4, 2011, Greek Prime Minister said.
Meanwhile, the Group of 20 (G20) summit beginning on Thursday at Cannes is likely to dominated by the worsening Eurozone debt crises.
Asian markets were trading lower on Thursday as the lingering Eurozone debt crises weighed heavily on sentiment. Hang Seng was down by 0.98 percent, Nikkei 225 plunged by 2.21 percent and Seoul Composite was trading lower by 1.34 percent on Thursday.