“On Monday we are likely to see financial markets across the globe in celebration mode.”
Not the American market, investors have seen the light. The bailout money isn’t even going to Greece, it’s going to the broken Euro banks than loaned Greece money. The bailouts are paying interest (not principal) on money already spent. The debt remains and more interest must be paid again soon.
And...22% of the latest bailout comes from Italy. That’s called contagion. Think of the old game called musical chairs.
Greece is getting no lasting benefit, and the broken banks are only being kept open temporarily as Greece can’t make its payments.
At some point, political pressure will stop the waste of the bailouts and the piper will be standing there with his hand out. Then the real violence will begin.