According to the NYTimes on Saturday, the finance minister of Greece, Evangelos Venizelos, said that Athens had received a “clear message of support” from U.S. and European officials at the annual meetings of the monetary fund and World Bank, held this weekend in Washington.
Mr. Venizelos, who was to meet on Sunday with Christine Lagarde, the managing director of the I.M.F., also said that he expected the next allotment of funds to be released soon.
“Greece is and will always be a member of the euro, a member of the euro zone,” Mr. Venizelos said.
That Mr. Venizelos had to come out and insist that Greece was not leaving the euro zone — until recently an unspoken article of faith in Greece — underscored how close the country has come to defaulting on its debt and how dangerous such an outcome could be, not just for the euro zone but for a global economy teetering on the verge of recession.
With Greek government debt trading on the open market below 40 cents on the dollar, it is quickly approaching what debt experts call the recovery rate — the price investors would get for their bonds if the country officially defaulted. In effect, that means investors have given up….
There's more at http://www.nytimes.com/2011/09/26/business/global/investors-ask-if-anything-can-save-greece-from-default.html?_r=1
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