The Greeks are learning that defaulting on private creditors is one thing, but defaulting on the governments of rich European countries is quite something else.

WHEN Germany’s top representative at the European Central Bank quit his posting as member of the ECB Executive Board and as its de facto chief economist, it caused a shudder across world financial markets.

FINANCE ministers are expected to name the new appointee for the vacant seat at the European Central Bank today when they will also discuss nominations for the International Monetary Fund position.