Possible Red Hot Breaking News

03/11/11 (10.45 GMT) -- This is what's fun about being on Twitter. Unconfirmed reports are sweeping t'interweb suggesting that Greek PM George Papandreou has resigned.

A Greek cabinet meeting began at 10.00 am London time. Papandreou has apparently lost support of three more MP's this morning meaning that his ruling PASOK party has lost it's majority in the Greek Parliament.

All will no doubt become clear sometime soon. The overnight grains seem to have got a whiff, with beans now up 24-25 cents, corn up 9-10 cents and wheat up 6-7 cents. His exit would be a good thing as it makes a Greek default/exit from eurozone less likely - at least that's the way the market sees it. No Papandreou = no referendum = europhoria (again).

It seems like we may have turned the clocks back a week not an hour. It's like the Christmas Day episode of EastEnders this isn't it? And somebody always gets killed in that.