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.

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
from the panic seen in 2011.

“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.

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