SEEING the phrase "Greek drama" one more time might make any reader feel like pulling an Oedipus - I mean gouging one's eyes out in despair, not that other thing - but for better or for worse, the drawn-out spectacle in Athens seemed to be the main event driving the local market fall and rise over the past week.

China's equity meltdown also played a leading role, but while the plunge in Shanghai and Hong Kong on Wednesday brought local shares down with them that day, their subsequent recovery on Thursday somehow failed to give Singapore a leg back up.

Analysts and investors were largely treating Grexit as the base case this week following the Greek citizenry's unexpected and resounding "no" vote on Sunday to further austerity but have since had to set aside those models after Greek Prime Minister Alexis Tsipras caved in to the country's eurozone creditors late on Thursday night.