Investors weigh up options as idea of Grexit becomes serious

Previously Athens and its creditors always reached a deal, but this week's increasingly belligerent standoff necessitates tangible plans

For almost the first time, investors have been obliged to assess seriously the risk of a Greek default and exit from the euro. Past Greek crises always seemed likely to end in a deal, and did. This time, even at the 11th hour, red lines are turning scarlet.

Given that backdrop, the reaction of financial markets was remarkably sanguine. Greek stocks, especially banks, were clobbered, obviously. But the wider reaction was mild. Yields on the debt of eurozone stragglers rose but are well below levels seen in 2011-12. Stock markets outside Greece were down but not heavily.

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