Greek Prime Minister Alexis Tsipras presents new proposals to European leaders on Tuesday after the country rejected the terms of an international bailout. Paul Christopher, Head of Global Market Strategy at Wells Fargo (WFC), weighs in on what he believes the European finance ministers need to see from Greece to come to an agreement. Christopher says European leaders will be looking for complete capitulation from Greece, and a new deal started from scratch that will be full of wage cuts, pension cuts, tax increases and other reforms. Christopher reveals that he doesn’t believe a deal will be reached today and negotiations will continue in the coming days and weeks. That means investors should brace for more market volatility, he says. Christopher also explains the likelihood of Greece being forced to leave the euro zone and the resulting impact from that.
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