Crisis Talks In Cannes Over Greek Bailout Plan

After a bad day Tuesday, financial markets are faring better so far today.

But investors' eyes are on the French resort of Cannes, where Greek Prime Minister George Papandreou "faces a grilling from the leaders of Germany and France" later today, as Reuters says, because of his decision to let the people of Greece vote on whether to accept a $178 bailout package that will impose further austerity measures on that nation.

Bloomberg News says "European leaders racing to prevent their week-old debt crisis strategy from unravelling convene emergency talks today to tell Greece there is no alternative to the budget cuts imposed in the bailout plan."