Opinion

Maybe we're looking at today's Greek events in the wrong light. The past few days, MPs from the ruling party have been peeling off. There's been talk of a national referendum (which is an instant no), the situation or contagion is starting to effect the core with French banks on the radar of the rating's agencies. Can the Troika rally be that dumb to think Papandreou can get this latest austerity package through parliament?

Maybe the Troika sees the writing on the wall and realizes that they're going to have to have a unity government in Greece to pass anything and that means they're going to have to renegotiate the terms.

If Papandreou is willing to step down to form a unity government and this comes a day after MP's are peeling off from his party and French Banks are under ratings pressure, perhaps the EU has come together and started fleshing out a new approach as they are starting to see the effects of contagion in the core the way things are going.

Cutting Greece loose doesn't seem to be an option, just look how fast the rating's agencies moved on the European banks. This may be the start of a new plan, now that the core is starting to get a taste of what default would look like in their countries.