EUROPE: Greece has reached the latest of many last ditches this weekend.

UPDATE: Greeks Inch Closer To Default. “On one level, this is entirely amazing. As has been exhaustively explained everywhere, including this blog, Greece is currently running a primary deficit–meaning that even if they defaulted, their budget wouldn’t balance. And since defaulting would cut off the flow of credit, they’d actually be worse off than with almost any of the austerity plans proposed by their creditors. So watching them threaten to walk away is somewhat reminiscent of that famous moment from Blazing Saddles.”