The French and German leaders emergency talks with Greece's PM

The euro zone planning to save Greece from bankruptcy is not up for renegotiation, Germany has warned, ahead of urgent talks with Greece and France.

Foreign Minister Guido Westerwelle said "[What] we just agreed last week cannot be placed back on the table". Greek PM George Papandreou is to meet France's Nicolas Sarkozy and Germany's Angela Merkel later on Thursday.

The meetings come a day after Mr Papandreou said Greece would hold a referendum on the euro zone rescue plan. Overnight, Greece's cabinet gave unanimous backing to Mr Papandreou's controverisial plan for a public vote, which could take place in December.

He told an emergency cabinet meeting a referendum would offer "a clear mandate" for austerity measures demanded by euro zone partners.

Earlier, stock markets recorded big drops amid shocked reactions in euro zone capitals to the referendum announcement.

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U.S. Dollar turn down Euro Strengthens

The dollar turn down against most major peers on speculation reports this week pointing to a faltering U.S. economy will urge the central bank to consider more asset purchases, or quantitative easing, to support growth.

The dollar slid versus the euro before Federal Reserve policy makers end a two-day meeting today. The euro strengthened after Greece’s Cabinet backed Prime Minister George Papandreou’s plan to put a bailout package to a referendum and before the region’s leaders meet to stem the debt crisis. It pared gains after the European Financial Stability Facility was said to postpone a bond sale.

The U.S. currency weakened 0.5 percent to $1.3765 per euro as of 10:05 a.m. London time, after gaining 3.5 percent over the past three days. The dollar slid 0.4 percent to 78.06 yen. The euro was little changed at 107.44 yen.

The Stoxx Europe 600 Index dropped 0.5 percent, extending the biggest three-day decline in almost two months. German bonds fell, with the 10-year yield rising four basis points to 1.80 percent.

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French satirical paper Charlie Hebdo was attacked

French police say that, “the offices of the French satirical magazine Charlie Hebdo have been destroyed by a petrol bomb”. Its cover carried a picture of the Prophet making a facetious comment. The magazine said the move was intended to "celebrate" the victory of an Islamist party in last month's Tunisian elections.

Charlie Hebdo's editor is quoted as saying: "We no longer have a newspaper. All our equipment has been destroyed. A witness at the scene, Patrick Pelloux, told AFP news agency that a Molotov cocktail was hurled through an office window and that it set fire to the computer system.

"Everything was destroyed," he said.

There have been no reports of injuries. Charlie Hebdo's website has also been hacked with a message in English and Turkish attacking the magazine.

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