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Why markets are shrugging off the Greek drama

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Greece continues to live on the brink. The troubled euro zone economy has just used an emergency reserve account to make a 750 million euro payment, and is seen as close to running out of cash and potentially defaulting on its commitments. But unlike the summer of 2011, when Greek worries unsettled U.S. stocks, many investors say Greece is simply not a big concern this time around.

"If you're a money manager, and you don't know that Greece could go bankrupt, then you deserve to go bankrupt," quipped Nicholas Colas, chief market strategist at ConvergEx.

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After all, markets tend to react to shocks, not slowly simmering situations. And Greece's financial issues have been marinating for years.

"It's a bit like water torture," commented Scott Kubie, chief investment strategist at CLS Investments, which manages $6.5 billion and tends to utilize ETF strategies. "We've felt this pain over such a long time period that even if Greece were to default, it wouldn't feel like a sudden catastrophe."

A default, or a Greek departure from the euro zone, "will certainly have an impact on the euro, the European market, and to a lesser extent the US stock market, but I expect these to be short-term gyrations," commented Erin Gibbs, equity chief investment officer at S&P Capital IQ.

"Greece is an exceptionally small part of the European and world economy," with its GDP totaling that of Louisiana, or a third of Los Angeles' GDP, she noted.

Of course, perhaps what we're witnessing is a form of "groupthink," wherein investors have collectively decided to ignore Greece—but are likely to change their minds once the long-feared headlines are actually showing up in black and white.

For Michael Block, chief strategist at Rhino Trading Partners, the "big risks" to markets include "someone deciding that Greece matters"—though he added in his Monday note that this is a "non-starter" at present.

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