Well, here we go. Will Greece stay or go? A selfish part of me wants them to be politely kicked out of the Euro. (My vacations there will become dirt cheap again, I miss those days :) Another part of me is concerned about the market reaction. (However, this all depends on how the EU handles the banking risk.)
Here is an interesting take on it, although the ECB's position on the matter refutes this:
As highlighted in my market though post 'power-play', I do think the market is pricing in a shock. If Greece is ousted, and the systemic risks to the banks is handled correctly, the market may see minimal damage from it. Maybe test 1200 on the SP500.
I just hope the powers-that-be have a strategy in place to mitigate systemic risks. So much uncertainty.