Not since 2013 has the ratio of front month VSTOXX to front month VIX             futures been so blown out. We see limited US equity upside and view the Greece situation as resolving without an immediate credit event when push comes to shove. According to a Kappa Research survey published in Greek weekly To Vima, 71.9% of those surveyed said a deal with creditors would be best for the country, while 23.2% supported the government's confrontational stance.
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