Banks did not open in Greece, although probably every Greek citizen would have taken his money and run. It appears there will be no deal on Greek debt with the European Central Bank, European Union and International Monetary Fund (IMF). Greece is on its way out of the euro, almost certainly. And no one knows what the ripple effect will be.

Among the primary reasons for the panic is money due to the IMF tomorrow. Greece’s leaders have called for a national referendum on the entire debt matter. Any vote will come far too late, probably well after a default. So, the results will be academic.

Fear spread to European markets, which opened off nearly 4%, particularly the DAX, CAC 40 and FTSE 100. If investors had a sense of worse danger, the markets would be off by more. But an analysis is impossible. Greece is small economically. Its debts are not.

The market panic may move to the United States. Everyone will know in about five hours.

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