The markets are seeing declines with the Vix spiking. In a few days Europe will either be on its current economic path or will have to re-assess how to handle Greece.
"Antonis Samaras, the centre-right prime minister, has called a snap presidential election for December 17th"
With this uncertainty, comes fear and protection. Hence the rise of the Vix. And the fear is at interesting levels.
But Greece itself is at an interesting place. How long can a people endure massive GDP declines, worst in modern times. Unable to start afresh, and forced to experience a slow bleed of dignity and dealing with psychology exhaustion? 6 years not enough? Does the average citizen deserve such lack of dignity?
If Europe loses Greece, the powers that be have themselves to blame. A people can only take so much. Honestly, to the arrogant EU policy makers, a proper "fuck you" maybe in order.
But despite the social affects, the ECB has had the capability, basically unlimited asset purchases, to mitigate the fallout of a Greek exit from the Euro. I just hope those fuckers prepped for this scenario.
In the mean time, market levels are very interesting, and looking for re-entries.