With the situation in Greece growing more tense, CNBC's Jim Cramer said Friday the outcome may not be as bad as originally feared.
"A lot of people are waking up to the scenario that there could be a failure. If that's the case, there'll be hedges all around and it won't be as shocking," Cramer said on "Squawk on the Street."
Earlier Friday, the European Central Bank raised the cap on its emergency liquidity assistance for Greek banks by about $3.7 billion.
Read More Fears over Greece mount as talks collapse
"All I'm saying is that people are a lot more prepared for a default than they were five days ago," Cramer said.
On the other hand, Charles Dallara, who led earlier negotiations between Greece and its creditors as the managing director of the Institute for International Finance, said some people are being too sanguine about the situation.
The Greece Athex composite was up about 2 percent on the day, while U.S. equities traded mostly lower at the session open. Click here to get the latest on the markets.