"Geithner Tries to Calm Nerves Over Europe’s Uncertain Fate" - NYTimes.com

This is a very good summary of the situation. What is still lacking in these reports, however, is the most important wildcard and that is whether people in Greece and in other European countries will accept the spending reductions that their leaders have pledged them to make. I continue to believe that those promises are beyond the proverbial tipping point of acceptance by most Europeans, starting with Greece. As the measures sink in, I think we will see surprisingly significant political instability and the resulting impact of that situation on the world's economic system, by fear or fact.