Further, the ECB has proven it is an effective crisis fighter and has the tools to calm the markets by buying bonds through quantitative easing (QE), verbal intervention and other liquidity programs like long-term refinancing operations (LTROs).
"The governing council is closely monitoring the situation in financial markets...The governing council is determined to use all the instruments available within its mandate," the central bank said in a statement on Sunday, when announcing the Emerging Liquidity Assistance caps for Greek banks.
Wall Street seems to think European authorities have enough tools in their arsenal to stave off a full-fledged panic.
"In a very practical sense, so long as the ECB is engaged in QE, there is a rather clear limit to how much damage markets will inflict on other sovereigns," wrote Erik Nielsen, Chief Global Economist at Unicredit Sunday. "Once the QE is phased out, we have the OMT [outright monetary transactions]."
He was optimistic the Eurozone would emerge stronger if Greece votes to leave.
"The odds favor better European policies after a Greek exit. Keep in mind the Greek government has managed to unite the rest of Europe in its opposition to its voodoo economics to an extent rarely seen before," Nielsen added.
"This is fundamentally a crisis generated by the Greek government," he said. In Nielsen's thinking, should Greece leave, it will have been the population's decision, and doesn't mean Europe will have thrown Greece out of the currency.
In the near term, there may be a period of uncertainty and that may weigh on the euro. In Asia trading on Sunday, the single currency tumbled by more than a cent.
"Our base line is an initial move towards 1.10. But no major follow through from there, and perhaps a reversal if contagion effects turn out to be manageable without ECB intervention beyond the soft verbal intervention we already received Sunday," Nomura's Nordvig said.
No matter how the Greek referendum ends up, it could create waves of risk aversion on uncertainty and uncharted territory.
Ultimately, however, Wall Street thinks the political commitment to the common currency, combined with the support of a determined central bank, should pave the way for a stronger, more united euro—with or without Greece.