result is nothing today. Instead we will have a week or two delay whilst he Greek Government tries to hold together and agree some sort of acceptable plan.
All this demonstrates the fundamental weakness of the Euro when in a crisis situation. Politics is now the driver and politics takes days and week; but markets are open daily.
A sub-plot being worked out here is that I perceive that the Western banks in the City and elsewhere are liquidating their PIGS and European assets as quickly as they can; they know the end game is a default and probably exit from the Euro for Greece. If I was being conspiratorial I would suggest that the European leaders have left this gap open just long enough for the banks to try and save themselves (not that convinced by that line though, it has been obvious this was going to happen for 18 months).
When there is a crisis you need strong leadership and decisive action; the Euro currency leaders provide the diametric opposite. Weak and confused leadership and a variety of not quite satisfactory solutions to any problem.
Indeed, it will be a wonder if the Euro survives the next few years of Sovereign insolvency crises.