Greece Update: There was a rumor on Friday that Greece would default this weekend. That seems very unlikely, although Greece is running out of time. Also there are quite a few protests going on in Greece today.
• From the Financial Times: Greece vows to avoid default at all cost
• Schedule for Week of Sept 11th
• Summary for Week ending September 9th
• From the Financial Times: Greece vows to avoid default at all cost
[Prime Minister] George Papandreou has vowed to fully implement reforms ... so that Greece will be able to avoid default and remain a member of the eurozone. ... ”We’re travelling on an uphill road during an international storm … but our first priority is to save the country from bankruptcy.”• From the WSJ: Greek Leader Vows To Press Changes
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He also [said] several struggling Greek banks ... would be nationalised ...
excerpt with permission
Prime Minister George Papandreou vowed Saturday that the country would meet its budget targets and press ahead with difficult reforms, even as thousands demonstrated against those reforms on the streets of Greece's second largest city.• On France from Reuters: French banks braced for credit-rating downgrade-sources
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"Even if the recession this year is appreciably bigger than the original forecasts…Greece will meet its fiscal targets doing all it has to do," Mr. Papandreou said.
France's top banks are bracing themselves for a likely credit rating downgrade from Moody's ... Several sources said on Saturday that BNP Paribas , Societe Generale and Credit Agricole were expecting an "imminent" decision from the ratings agency, which first put them under review for possible downgrade on June 15.Earlier:
• Schedule for Week of Sept 11th
• Summary for Week ending September 9th
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