Greek drama? More like 'The Kardashians': Analyst

As negotiations between Greece and its creditors drag on, the slow-moving talks are boring markets like "bad reality TV shows," one analyst tells CNBC.

Since they it began in February, crunch talks to unlock financial aid for cash-strapped Greece have been weaving in and out of the spotlight. While they continue to drive market chatter, concerns over Greece's future in the euro zone may be becoming more of a sideshow, experts say.

"Greece's situation is like 'The Kardashians.' Initially it was really interesting and popular, but now people are bored with it and it's becoming passe," Brian Jacobsen, chief portfolio strategist at Wells Fargo, told CNBC on Tuesday.

"Market participants have recognized that even if Greece decides they are going to default on some debts or postpone payments, it's not going to have a major impact on the euro zone or global economy. The only one that's going to get hurt is the Greeks," he added.

On Monday, negotiations in Brussels appeared to be back on track, following a fairly hostile meeting in Riga last month, as euro zone finance ministers acknowledged progress even though "more time and effort" will be needed to reach an agreement. European stocks finished mixed in the previous session.

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The change in tone signals a "sense of convergence" between Greece and its creditors on sticking points such as pension and labor market reforms, experts say.

"What has completely changed between meetings is the tone and that's really important," Evariste Lefeuvre, chief economist North America & head of Multi Asset Strategies at Natixis, said. "The Greek authorities are speaking more about pension reforms; while on the other hand, politicians in Europe are saying that what's required of Greece is just a budget balance."

A trader hangs a Greek national flag from the roof of a kiosk store in Thessaloniki, Greece.
Konstantinos Tsakalidis | Bloomberg | Getty Images
A trader hangs a Greek national flag from the roof of a kiosk store in Thessaloniki, Greece.

The risk of bankruptcy is also turning up the pressure on Athens. Despite making an early payment of about 750 million euros ($836 million) to the International Monetary Fund (IMF) on Monday, Greece's financial condition remains precarious with more debt repayments ahead.

Next month, Greece has a series of payments to make to the IMF, alongside a 3.5 billion euros redemption of bonds that is due to the European Central Bank on June 19.

"What's going on right now is a face-saving exercise by the Greek government, deciding how far they are going to go on reforms as they run short on cash. At some point, they won't be able to make these payments and it's a question of when they decide to go along with what the rest of Europe is demanding," said Bill Adams, senior international economist at PNC Financial Services Group.

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With these factors paving the way for an eventual agreement that will furnish the debt-stricken nation with much-needed funds, it's time for investors to "move on after spending too much time on Greece", according to Longview Economics CEO Chris Watling.

But, even if negotiations fail and Greece eventually walks out on the euro zone, it won't be doomsday for Europe's financial markets.

"Europe will be much better off with a default and best off with a Greek exit. The lion's share of Greek debt has been moved from private bank balance sheets to government officials over the past two years so contagion will not happen," John Rutledge, chief investment strategist at SAFANAD, told CNBC on Tuesday.

"There'll be a market reaction [to a Greek exit] and if Europe's stock markets fall, I will be an aggressive buyer," he added.