lt cap,

Yeah, that's exactly one issue I've been pondering - if Greece exists, is there a 'domino effect' in which Spain, Port., Italy get destabilized, and does it 'wake them up' to what a default/exit looks like. Does it erode external confidence in them, or make them bolder (depending on Greece's outcome) in terms of extracting conditions for them continuing to responsibly manage their debt. I had heard Krugman on TV arguing that it was a destabilizing factor, perhaps fed by both outside and inside pressures. I don't particularly respect his QE is a genius success stance, but so far, the other shoe hasn't dropped. Watching TEF today, I can feel the nervousness about/in Spain. They've gone a long way further than Greece in addressing their debt issues, which is good - but I don't have any strong convictions either way that the souther tier of Europe will hold or crumble, depending on what happens. With knowing too little in mind, the Greece vote of 'no' makes me wonder if Tsipras (sp?) is right - it will strengthen his negotiating hand (I have heard enough opinions about the demands made on Greece not being fair that I think that might have some legitimacy - or maybe I've watched too much left wing PBS commentators ;-), and if he pulls off a 'deal', he'll be covered in glory and even more revered by his supporters. Only sure thing is that this will get more interesting. (Yeah, I'm waffling, lol.)