High Quality Content by WIKIPEDIA articles! A referendum to decide whether or not Greece was to accept the conditions under which the European Union (EU), the International Monetary Fund (IMF) and the European Central Bank (ECB) would allow a 50% haircut of Greek debt owed to private creditors. However, Prime Minister George Papandreou decided to cancel the referendum on 3 November if the opposition parties vote in favour of the EU deal. The proposed referendum was later canceled.