The geopolitical concern not to give Greece to the Russians is pushing the US president, Barack Obama, to intensify the pressure on his European partners to reopen dialogue with Athens. This is the meaning of a telephone conversation between Obama and the French president Francois Hollande and in the same direction goes the request of the European Parliament for an urgent summit of European heads of state and government to re-discuss the Greek case.
German Chancellor Angela Merkel was also clear: "If the euro falls, the European Union falls". However, Merkel does not want to make gratuitous concessions to the Tsipras government and she thinks that it is possible to reopen negotiations with Athens after the referendum of 5 July.
Thus, if the pro-European Yes front wins, the negotiations will all go downhill and an agreement between the EU and Athens will be within reach. If, unfortunately, the No front led by Tsipras were to win, the negotiations would instead take place on completely different bases.
In the meantime, however, the markets dance.
