Greece may be a ‘Lehman moment’ for Markets

U.S.-based investors have so far remained relatively calm in face of Greek financial and political turmoil. But one hedge fund manager wonders if the distress could be a signal of something akin to the 2008 financial crisis.

“One of the many questions that remain is whether this is a ‘Lehman’ moment or not,” Maria Vassalou, portfolio manager of the Perella Weinberg Partners Global Macro fund, wrote in a recent note. “It might be, but I think nobody can answer this question with great certainty at this point. It will have to be seen.”

Vassalou added that Europe will be changed regardless of what happens in Greece.  “Independently of the outcome of the referendum, the dynamics of the euro zone are bound to change going forward, leading to more uncertainty in the region,” she wrote. “The increased uncertainty is likely to prevent inflation from returning to its target rate in the near future and economic growth will face headwinds.”