UH-OH: BRITISH CHANCELLOR AND GREEK FM ADMIT TIME IS RUNNING OUT

ITEM 1: BRITISH CHANCELLOR ADMITS THE CLOCK IS TICKING ON THE EURO:

--The euro zone has six weeks to resolve its crisis, U.K. Chancellor of the Exchequer George Osborne said Friday, warning that regional banks need to be shored up and the euro-zone bailout mechanism may need its firepower boosted.

Speaking to reporters on the sidelines of this week's International Monetary Fund meeting in Washington, Osborne said that international pressure is mounting on the euro zone to act fast and that regional leaders were aware that "time was running out for them."

ITEM 2: GREEKS CONTEMPLATING DEFAULT:

Greece's finance minister has told lawmakers he sees three scenarios to resolve the debt crisis, including one involving an orderly default with a 50pc haircut for bondholders, two Greek newspapers reported on Friday.

I THINK IN A MORAL SENSE, THE POLITICIANS HAVE ALREADY DEFAULTED. AND THAT'S WHY AN ORDERLY DEFAULT IS LIKELY.

BUT NO MATTER HOW ORDERLY THE PLANNING IS, THE MARKETS WILL RESPOND BADLY AND GLOBAL FINANCIAL MARKETS WILL COLLAPSE.