Monday will tell us much regarding the Tsipras' government's resolve to stay in the zone when they submit their list of alternative reform measures to the EU. If there's any fudging on the Greek government's part to dodge the general thrust of the austerity measures originally imposed upon them, it will be back to the drawing board once again and more market volatility will result. Still, the market has been very resilient throughout the negotiation saga of the past few weeks and I believe any market moves will be muted.
In my opinion, the two biggest concerns market players have at this point is the uncertain ramifications of a Greek exit from the EU and the risk of contagion as other separatist movements on the European continent might be emboldened to instigate a break away from the EU. While I don't see the latter as a significant risk, the uncertainty of the former is creating market volatility. However,Greece is the only sovereign "basket case" in the Euro zone and a "Grexit" (Greece leaving the EU) is still a very small probability. The Tsipras government is playing a game of chicken ...
... which they cannot win and if the ECB withdraws their support from Greek banks it would immediately result in abject destitution for the Greek nation and spawn a humanitarian crisis of huge proportions.
In the meantime, there continues to be glimmers of reflation in the Euro zone. Here's just one example. Italy and Spain, two nations which have struggled since 2008, are turning up:
For instance, oil looks like it has found a floor and even after a disappointing report on Friday where the reduction of US rig counts was lower than expected, "black gold" was remarkably resilient. Many traders (and I) expected a much more severe sell off and it seems like West Texas Crude has some support at $50/barrel:
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