Markets are sending a signal that investors believe the global economy is positioned to weather Greece's potential exit from the euro zone, Jason Trennert, chief investment strategist at Strategas Research, said Monday.
Following a surprise announcement Friday that Greece would hold a referendum on Europe's bailout terms, the European Central Bank said it would not increase emergency funding to the country's banks, as it had throughout last week. That prompted Greece's central bank to advise the nation's banks not to open Monday.
"I would broadly put this in the 'Apocalypse Not' category. It's a tragedy for the Greek people. You have obviously 26 percent unemployment, but I don't think the [European Central Bank] would have made this decision—and it doesn't mean they're right—but I don't think they would have made this decision if they thought that the ramifications would be broader conflagration in Europe itself," he told CNBC's "Squawk Box."
European markets sank Monday as Greece imposed capital controls on the country's banks, and after Prime Minister Alexis Tsipras called for a referendum on proposals put forward by the nation's creditors. The country is now expected to default on a 1.5 billion euro ($1.7 billion) payment to the International Monetary Fund due Tuesday.
Greeks will vote on July 5 on a package of reforms that would unlock additional bailout funds to the country. A "yes" vote would signal Greeks' will to go along with pension reforms and other austerity measures, while a "no" vote is seen as paving the way for a Greek exit from the euro zone.
The developments also were reflected in bond markets, where yields on Greek debt spiked. Meanwhile, yields on sovereign debt, such as German bunds, fell as investors put money in these safe havens.
The fact that yields on other peripheral, heavily indebted European economies did not soar suggests the market does not believe contagion will take hold, Trennert said. The sentiment is also underscored by trends in European bank credit default spreads, he added.
"In 2011, 2012, those blew out precisely when Greek Treasury yields blew out," he said. "This time around, for the last couple of months, it hasn't been happening, so I think that there's a feeling that they've walled this off.
"I really don't think it's enough in terms of the global economy to overwhelm the good news that's happening in the United States," he added.
The only benefit of a Greek exit is that the situation in the country would potentially deteriorate so badly it might sow the seeds of "actual structural reforms," Trennert said. "The problem now is that you're just putting Band-Aids on gaping flesh wounds."
As lines at shuttered Greek banks get longer and longer, the country's people will realize the best outcome is to stay part of the euro, said Robert Wolf, CEO of cross-border strategy firm 32 Advisors.
Wolf oversaw Russian and Argentine debt restructurings while at UBS and said once the banks get hit, the country's bloodline is cut off. He said he believes civil unrest could break out in Greece, as soon as this week.
"You have two tough options. On your own is the worse one. The next week you're more or less shutting down the economy," he told "Squawk Box," adding, "I've been on other side of the IMF negotiating for clients. They're tough. This is not just going to be a pretend and extend."