The Toronto stock market appeared set for a slightly higher open Wednesday a day after a vow by Greek prime minister George Papandreou to put the country’s bailout plan to a vote sparked sharp losses on global markets.

Investors worry Greeks are fed up following a string of painful tax increases and drastic government spending cuts and will vote against the austerity plan, which could in turn result in havoc in the region’s financial sector and even push the global economy back into recession.

The Canadian dollar was slightly higher after plunging more than two cents Monday after the surprise announcement by Papandreou sent traders to the safe haven of the U.S. dollar. On Wednesday, the loonie was up 0.37 of a cent to 98.52 cents US.

New York futures were positive ahead of the midday announcement from the U.S. Federal Reserve on interest rates. The central bank won’t be moving rates from near zero. But traders will want to look at the Fed’s statement for reassurance that the U.S. will still be able to avoid slipping back into recession.

The TSX fell 137 points Tuesday and the Dow gave back 297 points on the latest worries about the eurozone.

Papandreou’s unexpected call for a public vote on the aid package came just days before the leaders of the world’s largest industrial and developing nations gather for the G20 economic summit in Cannes, France on Thursday and Friday.

A top European official warned that Athens could be left to go bankrupt if it went through with the vote and experts said the broader deal — which hopes to protect larger countries such as Italy from markets panic — could collapse.

Papandreou didn’t mention when the vote would be held and he faces calls from across Europe to hold a vote quickly and reduce uncertainty. Ireland’s Finance Minister Michael Noonan said Greece should hold a new election or the referendum by Christmas.

But first, the Greek leader has to survive a confidence motion on Friday and analysts say that is by no means guaranteed.

The weaker U.S. dollar helped commodity prices claw back losses from the previous session.

A weaker greenback usually helps lift commodity prices, which are denominated in U.S. dollars, as it makes oil and metals less expensive for holders of other currencies.

The December crude contract on the New York Mercantile Exchange gained 83 cents to US$93.02 a barrel.

Metal prices advanced as the December copper contract on the Nymex gained 10 cents to US$3.60 a pound.

Bullion moved higher while the December gold contract in New York rose $21.30 to US$1,733.10 an ounce.

Several key Asian indexes were positive with Hong Kong’s Hang Seng shooting up 1.9% but Japan’s Nikkei 225 index tumbled 2.2%.

European markets were mixed after steep losses Tuesday with London’s FTSE 100 index up 0.21%, Frankfurt’s DAX was ahead 0.9% and the Paris CAC 40 climbed 0.73%.

In earnings news, Talisman Energy Inc. (TSX:TLM) reported that its net income jumped by nearly half in the latest quarter to $521 million as the company generated from higher prices and output. Revenues rose 17% to nearly $1.95 billion.

Toy maker Mega Brands (TSX:MB) saw its profits dip slightly in the third quarter on higher costs. The Montreal-based company said net earnings fell to US$17.1 million compared to $17.4 million a year earlier. Sales rose to $133.4 million from $128.3 million.

Newspaper publisher Torstar Corp. said Wednesday its third quarter net profits jumped by 74% to $25.2 million. Revenue at the owner of the Toronto Star newspaper, the Harlequin book publisher and other media properties said revenue increased to $378.7 million from $353.7 million.