The Greeks raced to form a new government this weekend in the wake of the resignation of Prime Minister Panpandreou. They must have one in place by tomorrow for a meeting of the finance ministers. There was a three-way meeting among Papandreou, Samaris, leader of the opposition, and the President of Greece to come up with a temporary government until they can hold an election next year. As soon as it is in place, Papandreous will leave office so that the Greek Parliament can approve the new bailout by the end of October. Venezelos is to lead the delegation in Brussels tomorrow.

I don’t think is move does the Greek bailout any good. Venezelos was against the bailout before. Even if he’s paid lip-service to it in recent days, I wouldn’t trust him.