In fact, it is not just the risk of Brexit that the markets need to be worrying about. In truth, the real drama is going to come over a long and difficult weekend, leading up to potentially wild day in European assets on Monday, June 27.
Why? Over that weekend, Spanish voters will go back to the polls in another attempt to settle on a government, which may well see the far-left Podemos group make big gains. Greece will be struggling to find the money to pay back its latest debts. And if the strikes in France escalate, the country may be close to running out of its strategic fuel reserves — and approaching a total meltdown.
Brexit, Spexit, Grexit, and Frexit could all collide. The result? A car crash for the European markets… in reality, much of Europe remains in perilous shape. With a dysfunctional currency, dismal growth, and mass unemployment across the periphery, it looks far from stable. All of those issues will come to a head on the last weekend of this month — and that could make for a very bumpy ride.