Greek Oxi-dent

Forty seven deadbeats
Living on the backstreets
North, east, west, south
All in the same house
Sitting in a back room
Waiting for the big boom
--Escape Club

The latest act of Greek theater finds Prime Minister Alexis Tsipras submitting an 'austerity' proposal similar to one that Greek people voted against last Sunday at the PM's urging. Hard to imagine this will sit well with the citizenry as it looks pretty much like a blatant sell out of revered democratic process.

Of course, as with past proposals that would bail out EU risk, world markets are greeting the news with open arms.

Are market participants factoring in prospects of wholesale riots in Athens?