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Wells Fargo Market Expert Says Greek Debt Default Won’t Send Markets Much Lower

With stock markets rattled by the latest lack of progress in the debt talks between Greece and its lenders, one market strategist said a default would disrupt the markets, but it would ‘not be fatal,’ according to John Manley, Chief Equity Strategist at Wells Fargo Funds. Manley added ‘it’s not going to be fun. The market is not going to go up that day and it may not go up for a while after that, but I don’t think that it’s going to go down an awful lot.’ Manley made his comments after weekend talks between Greece and its lenders deadlocked, and speculation escalated about a Greek debt default. Greece faces a deadline at the end of this month to repay debt to the IMF. When asked if a default is already priced into the markets, Manley responded ‘nothing is ever priced in because there’s always the hope. Wall Street tends to be a very optimistic place by nature.’

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