Greece is going to default, one way or the other.
The real question is how they will package it, and how big the haircut will be to the debt holders, anywhere from 21 to 50 percent.
Europe is running 'stress tests' again on the banks, obviously to see how they will fare against a range of scenarios.
I think they might buy the news if the haircut is below 50 percent and no banks are taken down with it. But this *could* be a secondary reaction depending on how they spin the deal.
