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Why Greece is not the risk it once was

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Why Greece lost some of its fear factor

Greece may be one of the first trouble spots for markets in 2015, but it's not likely to be what really rocks them.

A new drama is unfolding between Greece and its lenders. The country's parliament, for a third time, failed to elect a new president, a ceremonial position. But that election represented a vote of confidence, or in this case, lack of it, in the government of Prime Minister Antonis Samaras.

"While Greece was the tip of some systemic pressures in 2010, and 2011 in particular, I think Greece has become a local issue," Amherst Pierpont Securities global strategist Robert Sinche said. "I don't think it's going to be anywhere near as broad-based an issue as it was a couple of years ago."