As we mentioned last week, we thought “hunkering down” made a lot of sense. Greece did default as we have been expecting. We don’t see how a deal is made as the amount of debt is too large and the austerity needed is too crippling. With 61% of the referendum voting No to the austerity, if I were France and Germany, the discussion would center around how to lessen the pain of losing so much in terms of the loans they made to Greece, and how to prevent a big negative effect on their economies.

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Market in a Minute 2015-7-7