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Greece: No Widespread Panic After Painful Weeks

CIO letter» |

June 29, 2015

In this note, our Group CIO Giordano Lombardo comments on the recent decision taken by the Greek Government to call a referendum on the latest terms offered by the Troika. The result of a Greek referendum is currently unknown, therefore the situation remains binary, with Greece either remaining part of, or chaotically exiting, the Eurozone. Therefore, volatility will no doubt last for a while in financial markets. However, we believe that there is no reason to panic: the Eurozone is much better prepared than four years ago for a crisis event even of this magnitude, with direct exposure to Greek assets being relatively low internationally. 

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