Is G20 converted into euro crisis summit? Experts discuss

Greece's decision to hold a referendum on the euro zone bailout package has created a crisis that would possibly overtake the G20 summit in Cannes. The world could now face another major banking crisis.

As the world struggles to get a grip on the situation, a panel including James Lamont, the South Asia bureau chief of The Financial Times; Paul Beckett, the South Asia bureau chief of The Wall Street Journal and Meghnad Desai, the emeritus professor of Economics Lord discuss the implications of all these issues. Here is the edited transcript of their interview with CNBC-TV18's Karan Thapar. Also watch the accompanying videos. Q: The Greek crisis seems to be getting worse virtually with every passing hour. Four ministers have announced that they are not in favour of referendum, several MPs announced that they will not vote for their own government in tomorrows 'No Confidence Motion' debate. The BBC projected that George Papandreou has already lost his majority. If we are heading to the collapse of government and another election, will this make the situation worse, better or will have no different at all? Beckett: It extends the massive uncertainty that surround us. If this government fails, which looks increasingly likely, nobody knows what will be replaced. It will be inevitably a lengthy period of time before they have the election, which will become the referendum on whether Greece should stay in euro zone. I don