They did it! It’s the antithesis of logic; perhaps it’s a winning strategy. However, in a matter of hours, the people of Greece will know about medical shortages, food shortages, and empty ATM machines. For now, they just know a form of national pride that is awkward in the sense where it seems completely misplaced. The country borrowed billions to live a life of comfort and contentment and now they simply don’t want to repay.
I never thought it would come to this, but maybe it is a great test. The markets will be hammered this morning for sure. Nonetheless, it is the kind of shakeout markets need from time to time.