Greek Prime Minister Alexis Tsipras won a resounding mandate to reject the package of austerity measures on the table in Greece’s referendum yesterday. This is but the latest twist in a road that increasingly seems to be leading towards Greece’s departure from the eurozone. Market reaction this morning has been muted, with stock markets down only 1-3%, and Italian government bond yield spreads versus German government bonds only widening by around 10 basis points. Corporate credit spreads have widened only slightly, and the euro is only modestly weaker against the US dollar. We are surprised that the moves have been so modest and continue to believe that market participants are optimistic in their assessment as to the possibility of a favourable resolution of Greece’s travails.

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