Financial markets continued to remain remarkably calm in the wake of the Greek IMF default on Wednesday, with the euro barely affected, and signs of contagion slight.<br /><br /> Southern Europe’s other big debtors Portugal, Spain, and Italy have only seen marginal rises in the cost of their borrowing. It is a far cry <br />from the panic seen in 2011.<br /><br /> “I think the reason is that there are quite a few optimists who believe and hope that Sunday’s Greek referendum will turn out positively for the eurozone.The fact that Greece is bankrupt has been known for a while. That’s not the decisive issue for the markets. What’s important for the markets is to know how things will proceed. Will there be a quick solution to the Greek debt crisis or will it continue to be a never-ending story?” says Capital Markets strategist Oliver Roth.<br /><br /> This lack of panic is having a perverse effect among Greece’s main creditors, some of whom are now convinced the Greek economy is so ringfenced with financial firewalls that t
