Greece continues to teeter on the edge of default, and possibly exit from the euro zone.
So if the long-feared default finally comes to pass, how will market react?
For Larry McDonald, head of U.S. strategy with Societe Generale's macro group, the reaction will look like a classic risk-off one, with investors fleeing riskier assets for safe havens.
"If they default, I think we see U.S. stocks down 5 to 10 percent over the course of, say, three months," McDonald said Wednesday in a "Trading Nation" interview. "But bonds, I think you'd see a substantial rally in bonds, because the global economy has been slowing down. The global economy can't take that much disruption."
"You'd probably see a stronger dollar" as well, McDonald added, as the euro would weaken on such an event.
Boris Schlossberg, a currency trader with BK Asset Management, agrees that "there will be some safe-haven flows into the dollar," but on the whole, doesn't believe the impact on financial markets would be particularly treacherous.