Will Greek Voters Say “Yes” Or “No” To Proposed Austerity Measures?

Regardless of what happens in Europe, we can expect one outcome on Monday.

When we return to business on Monday, we’ll know whether Greek voters decided to accept or reject the Eurozone’s bailout terms. However, that will be the limit of our knowledge. No doesn’t necessarily mean no to the euro, and yes doesn’t necessarily mean yes to the euro. Regardless of the vote, it will take some time to sort through what comes next. The best we can hope for is a one-sided vote that will give one side the upper hand to force a quicker conclusion and polls don’t suggest that will happen.

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The one outcome we can count on is that traders in stocks and bonds will wildly overreact.

There is nothing on the economic calendar next week to even momentarily distract traders from what is happening in Europe. The Fed will release the FOMC minutes on Wednesday from its latest meeting, but these minutes will be dismissed as pre-Greek crisis.

The bond market closes at 2:00 p.m. EDT today. Have a great holiday.

Dwight Johnston is the chief economist of the California and Nevada Credit Union Leagues and president of Dwight Johnston Economics. He is the author of a popular commentary site and is a frequent speaker at credit union board planning sessions and industry conferences.

July 2, 2015

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