By Augustin Eden, Analyst

We’re in an unprecedented situation now with the Greeks voting for a resounding rejection of the latest set of bailout terms given her by Creditors. For some the worst case scenario is now playing out – a nation uniting against a Eurogroup seen as attempting to suffocate the country’s economy.

Let’s face it. Even if a deal had been struck last week, Greece’s debt is unsustainable and even the IMF now acknowledges that. Everyone will be worse off in the event of a deal – the cycle will continue, ad infinitum, with Greece the bottomless pit and the rest of Europe the leaking water main.

Suddenly the ‘worst case scenario’ doesn’t seem so bad after all. Certainty beats uncertainty in the markets (whatever that certainty alludes to). Aside from that, the chance to purchase a small Greek island with a modest mortgage gives me a warm feeling inside.

What are people so worried about?! Granted, it’s a right old mess the Greek people find themselves in this week and, of course, things are likely to get worse before they get better. But what’s the alternative? Surely this needs to happen at some point. Let’s get it done and dusted so that real progress – a recovering Greek economy – can begin to happen.

I’m worried about the impact of all this on the Euro!

Why? Will we see a massive selloff in the Euro as investors run screaming from the room on the possibility of a Greece-inspired total collapse of the currency union? Maybe, but we should wait and see if Portugal pipes up first. In any case, UK residents should be champing at the bit at the prospect of cheap Euros (let alone uber-cheap Drachma). It’d be just like old times for those of us that remember.

What about my investments’ exposure to Greece?

If you’re invested in Vodafone, HSBC or Thomas Cook Group you should watch your holdings closely. All three are exposed to Greece with Vodafone holding a majority stake in Greek fixed line company Helas Online, HSBC serving thousands of customers in Greece and Thomas Cook Group filling its tavernas and beaches with pink Brits sipping lager and singing football songs, among other easily pigeon-holeable holiday makers.

Granted, financials that hold Greek debt may lose out, but think of the investment opportunities for UK companies in a potentially soon-to-be fledgling economy. All this after the initial thunderous turmoil, of course.

I’ll miss Yanis Varoufakis!

We all will. The highly articulate Greek Fin Min’s resignation hinted that he’d been a major sticking point in negotiations. And he’s proud of that fact. But let’s be clear just how difficult his boss has been too.

But seriously, where from here?

We’re at a fork in the road. Bear left and Greece goes it alone, taking all involved further into uncharted territory in terms of leaving the Euro club and starting again. Will we get a parallel currency? Will the emaciated Greek banks start writing IOUs to their account holders, hoping for unity and cooperation in hard times? Will the banks even be able to open in the near future?!

Bear right and Athens takes it on the chin, accepting the conditional assistance of the creditors while hoping for a lifeline in the form of debt relief – that now having the support of the IMF, don’t forget.

All in all, the outcome is still uncertain. Markets are doing what they do best in uncertain times – being unpredictable. But it really is now a choice between ‘more of the same’ and ‘something else.’ Let’s hope they choose correctly.