If it goes poorly, Greece might be forced to accept stricter guidelines by the troika of IMF, European Central Bank and EU officials.
“I see a number of risk points over the 15 to 20 days,” McDonald said. “Imagine trying to collect taxes when the GDP original outlook for last year was at minus-3 percent. That’s now looking at minus-6.”
McDonald said if European officials play hardball, there could be political ramifications.
“There might some airing of dirty laundry, and that’ll create a risk-off trade,” he said. “But I think the market is very, very cheap, so this creates a great buying opportunity. Technically, without Europe, this market could be 1,000 points or higher on the Dow.”
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Trader disclosure: On Jan. 9, 2011, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s "Fast Money" were owned by the "Fast Money" traders: Murphy is long M; Murphy is long CMI; Murphy is long CAT; Murphy is long TYC; Murphy is long SWK; Murphy is long KEX; Murphy is long CSX; Murphy is long BRCD; Adami owns (AGU); Adami owns (C); Adami owns (GS); Adami owns (INTC); Adami owns (MSFT); Adami owns (NUE); Adami owns (BTU)
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