Greece's decision to ask the populace to vote on whether to adopt an aid package and austerity measures attached with it could spell disaster for markets worldwide, says Ralph Silva, research director at Silva Research Network.

The call for a referendum, a surprising move made by Greek Prime Minister George Papandreou, has many fearing voters will reject the measures and throw the country into default and the fate of the global financial system's health into doubt along with it.

"When you are on the Titanic, you don't vote before you abandon ship," Ralph Silva, research director at Silva Research Network, tells CNBC.

"They have to make a decision quickly to save the country, because the country will suffer month after month if they fail to make a decision."

Things could get really ugly if delay and uncertainty grips investors who were otherwise growing more optimistic in recent weeks.

"In the next three weeks it could go completely disastrous," Silva says.
"We have pushed our luck far enough, let's get this solved as quickly as possible."

A "no" vote could break Greece financially, says Eurogroup chairman Jean-Claude Juncker.

Asked by RTL Radio, a European broadcaster, whether Greece could end up bankrupt if Greeks reject the package in the referendum, Junker said, "I cannot exclude that this would be the case, but it depends on how exactly the question is formulated and on what exactly the Greek people will vote on," Reuters reports.

"It is something that brings a great nervousness, that adds great insecurity to already great insecurity and therefore we need to see calmly how we will deal with this."

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