Greece is engulfed in a crisis that could end with its exit from the euro zone, but analysts say this does little to change the outlook for the other key event markets are awaiting—a rise in U.S. interest rates.
"At the margin that's a factor that could tilt the balance towards being more cautious in raising interest rates in the U.K. and the U.S. but it won't be the main factor, especially for the (U.S.) Federal Reserve, and we still think it's likely the Fed will raise rates later this year," Andrew Kenningham, a senior economist at Capital Economics, told CNBC on Tuesday.
Greece is widely expected to miss a $1.7 billion loan payment to the International Monetary Fund on Tuesday—just as its official bailout package expires at midnight. This would push the debt-stricken country closer to a default.
"What's happening in Greece won't come as complete surprise to central bankers, but the situation has deteriorated substantially in the past week and there's a much higher risk that Greece ends up having to leave the euro zone or heads to default on a lot of its official debt," Kenningham told CNBC.
But despite the worsening crisis in Greece, which has seen global markets rattled by the imposition of capital controls, the damage done may not be severe enough to prompt the Federal Reserve to re-consider the timing of a rise in interest rates, analysts said.