Here are some things I am watching to see if Greece matters. First, does Spain's bond yields spike. If they do, then we may have our second country to go down in the near future. This is the fear among Western leaders. Greece is not the fear for the EU, it is Spain. Spain's 10yr bond yields do not need to exceed 7% for very long or it may go under. They are around 3% right now. Also, look for central banks to prop up the stock market. I do not see a huge downturn in the next few days. This will only last a short while. The long term outlook may be extremely negative. If it is, then we may see some serious issues. I may be wrong, and we may see a lot of bloodshed on the markets, but time will tell. Bond yields are important because they are the percentage that debt costs, to my limited mind. They cannot soar.
The markets are waiting to see what the EU leaders come up with. Spain, Italy, and France cannot fall. I think Spain is the weakest one of the three, but if any of the three fall, it is game over. I do not see the the markets recovering if this happens. Ten year bond yields on any of these countries is very important.
Time will tell how this turns out. Greece in itself is minor, but it is what comes after it that matters. Watch for comments coming out of the German/French EU summit in the next several hours. Their statements are extemely important. Whatever happens in the next few days is important, and we have entered uncharted territory, and there are several leaders fearful of what may happen next.
Remember, God has this, He has you. You are not connected to this world, but to another world. He loves you, and He will never let you go. Cast your fears and concerns on him. He is your Father. We, as believers, will be ok. We will get through this. He promises.
I have an economic indicators page here-- http://pastorbrianroberts.com/economic_indicators . You can watch market and bond news here.