A Really Quick Update On Greece

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Photo: danoots on flickr

Since the only thing in the world that matters is Greece, here’s a quick update.Outside of Greece (which is to say, in the rest of the Eurozone) it appears that dissent over the nature of further Greek bailouts has evaporated in the face of the grim reality that the banking system can not withstand a credit “event” such as restructuring or re-profiling of Greek debt.

EU Commissioner Michael Barnier told a British radio station that a restructuring is “off the table”.

That Germany had backed down on this was basically revealed at Friday’s “Merkozy” press conference.

Things should be made official at the EU meeting Sunday (tomorrow).

Then of course, matters turn internally to Greece, where a vote of confidence will be held on Tuesday for the current Papandreou government. According to journalist Martina Stevis, the vote will be at Midnight or 5 PM ET.

The country’s new FinMin — Evangelos Venizelos — has predicted the country will pass austerity measures necessary to receive aid.

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