As Banking Day was dispatched this morning, Greek Prime Minister George Papandreou was set to begin the latest crisis meeting on how to arrest the deepening European financial crisis.Papandreou is flying to Cannes this morning to meet German Chancellor Angela Merkel, French President Nicolas Sarkozy and European Central Bank President Mario Draghi ahead of this week's G20 summit.He is reportedly travelling with a telephoned warning still ringing in his ears from European Commission president José Manuel Barroso over a vital €8 billion aid payment due in two weeks' time from the EU and the IMF. The Financial Times reported this morning that Barroso had told Papandreou the payment could be blocked over his plans to have Greeks vote on last week's bailout deal.The Cannes meeting follows another 24 hours of worry on global financial markets. Although Australia remains relatively insulated from market anxiety, the S&P/ASX 200 index closed on Wednesday trading down 48.3 points (1.14 per cent) at 4184.6.Papandreou shocked markets and governments this week by announcing that Greeks will vote on a referendum to approve the European crisis deal announced at last week's European Union summit.The Greeks seem likely to instead reject the deal if the referendum - expected in January - is ever held. But, with Papandreou's government looking increasingly shaky, and facing a no-confidence vote in the Greek Parliament on Friday, it is possible Greece will hold not a referendum but an election by January. That would lead to yet more delays and uncertainty.News of the referendum "took the whole of Europe by surprise", Sarkozy told reporters yesterday. Japanese Finance Minister Jun Azumi was reported as saying that "everyone is bewildered".The Financial Times quoted Spanish Finance Minister Elena Salgado as saying of the referendum that "the surprise was total" and that it was "a bad decision". More eye-catchingly, the FT also quoted an unnamed adviser on the European debt dealings as saying: "We are all going to hell in a handcart."In Australia, Westpac chief financial officer Phil Coffey and new Bank of Queensland CEO Stuart Grimshaw both warned that the European crisis meant wholesale funding costs would rise.Grimshaw said that "getting three- to five-year money could become harder if there's more nervousness through the financial sector globally." That could put BOQ at a disadvantage he admitted in an interview on the ABC's Lateline Business on Tuesday night."The funding requirements from the banks have actually been reduced, but as the rollover of the debt [occurs] that will become interesting as we go forward," he said."Every day we watch Europe the story changes," Grimshaw noted.