Lehman Weekend Redux? Greece default imminent? YIKES

This is just breaking with little information but Zero Hedge is posting that the G20 Ministers are preparing for a Greek default.

Zero Hedge - Lehman Weekend Redux?

Many have speculated that Greece would be a major event to spark off global panic and collapse the financial markets world wide because of fear and contagion. This might be it folks. Let's all please keep a close eye on this because if the default occurs this weekend we could be in for a very bumpy ride over the coming months.

George Osbourne (UKs Finance twit) was saying that the Eurozone had 6 weeks to sort itself out.. so we can cut that number right down to the bone as I am sure his words where to assure the markets and deflect attention from what is really happening..

But in my opinion putting a number to the situation means the situation is so grave a crash could be imminent.. I'll be interested to see how the markets respond next week.

Osborne: 6 Weeks to Save the Euro

Is there any weekend meetings at the central banks in the US or Europe lasting into the midnight hours with bureaucrats and economists? That took place before Lehman Brothers fell. It would stand to reason, that if a country like Greece was to fall, similar activities would take place. Someone is going to have to decide who gets the spoils of an eventual Greek default, and how to mitigate the damage when nations with significant exposure feel the blow-back to their balance sheets.

I am fairly certain Germany and France are going to take a big smack in the chops after participating in Greece's bailout, and probably even the US since the Fed has been involved in Europe's bailout schemes. It is only a matter of time, because it is impossible to resurrect a dead horse which is clearly the case regarding Greece. I suppose we all should get ready for 2008 round two? Be on the lookout for low-key meetings by the central bankers this weekend and unusual activity by them in the waning hours of the morning. That should be one indication that Greece has reached the point of no return. Lets wait and see?