The European Central Bank (ECB) has telegraphed a rate rist to 1.5% today, the second this year, in an effort to curb inflation in the Eurozone, currently 0.7% higher than the 2% target. The UK inflation rate being nore than double it's 2% target and more likely to hit 5% before 2%.

Having more or less preadvised the markets in ECB "speak" that this will happen, they could not add to market uncertainty over Greece by changing their plans and sending a message that the Greek financial crisis  is so serious the rate hikes will have to wait.

With regards to Greece, the general market sentiment is that they will default but after the current round of talks, debt restructuring etc. it may be delayed for two or three years