The media has been following Greece's new government closely this week, with investors eyeing whether the country can persuade Europe to agree to restructure its massive debt pile. For its part, Greece dropped calls for a debt haircut earlier this week, appearing to backtrack from the more extreme anti-austerity rhetoric it used when it first came to power less than two weeks ago.
Adding to the drama was the European Central Bank's (ECB) decision to revoke a waiver that allowed banks to use Greek government debt as collateral for loans, saying it was no longer able to assume there would be a successful conclusion to the Greek government's bailout program review.
Lorenzo Bini Smaghi, a former ECB executive board member, told CNBC Friday that the ECB "could not do otherwise" and that once Greece decided to continue with its bailout program, its banks would become eligible for ECB funding again.
He added that whether Greece faced a capital flight risk depended on how worried Greek citizens felt about the negotiations.
Das warned that everyone was getting "terribly excited" about the Greek saga and needed to "have some valium" and calm down.
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"You have the ECB is playing the enforcer, (German Finance Minister) Wolfgang Scheuble being the hard man, the French being nice to the Greeks, the Spanish being stand-offish – it's all theater. Basically everybody has to play to their political constituencies," he told CNBC Europe's "Squawk Box."
"We all know there is no answer. Reducing the amount of debt in terms of write-offs is not going to help."