Despite all the reassurances by various leaders that any Grexit or Greek bankruptcy would be 'contained', Sigmar Gabriel - vice-chancellor and economic minister of Germany's SPD party - unleashed some uncomfortable truthiness yesterday. With Greek stocks up almost 5% today as hope springs eternal, Gabriel warned of nothing less than “gigantic consequences” for Europe in case of a Greek bankruptcy.
"It is good that Germany and France try again to find a solution then the political consequences of a Greek bankruptcy would be gigantic for eurozone. I believe that many people have the impression that it's better to make a painful break now than draw out the agony, but if a stone is out of Europe then Europe's union would be very differnt.”
With ultimate being thrown like plates in a Greek restaurant, we suspect - despite the rip-roaring rally...
...that this is anything but contained, even if Tspiras folds in the short-term.