Now granted, it's only Saturday, but it certainly doesn't sound as though the big Greek default is going to happen this weekend, as people were freaking out about on Friday.
Instead, Prime Minister George Papandreou came out and defended the current path in an economic speech in Greece.
From Bloomberg:
Prime Minister George Papandreou said he’ll fight to keep Greece in the euro and avoid a default, as resistance builds to providing more aid to the European Union’s most-indebted nation.
The government’s top priority is “to save the country from bankruptcy,” Papandreou said in a speech in the northern Greek city of Thessaloniki today. “We have taken the decision to fight to avoid a catastrophe for our country and its citizens: bankruptcy. We will remain in the euro. And this meant and means difficult decisions.”
Granted, this could all be for show, and things may blow up anyway if things don't go the right way in Germany (or in Finland or Slovakia, for that matter). But at least at this point, it doesn't look as though Greece is about to jump off the bridge itself.
For an optimistic take on how things could turn out, see Citi's Willem Buiter on the subject.
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