The effect on markets will, again, depend on the degree to which a Greek exit affects other eurozone economies.
Many analysts believe that the creation of the ESM and the ECB’s recapitalization of private banks have provided a certain level of calm in international markets. Traders reacted rather measured to the news of a Greek election rerun.
“Particularly the US economy is in a somewhat better condition than it was six months ago,” says Mr. Ruparel. “So for the US recovery a Greek eurozone exit will be more of a speed bump, not a dead end.”