Nobody knows for sure whether Grexit will lead to a contagion or not

AUSTRIAN-BRITISH philosopher Ludwig Wittgenstein argued that trying to discuss private sensations such as pain is impossible because "it is not a something, but not a nothing either".

That enigmatic statement is a useful way to reflect on whether a bad outcome for Greece will have a contagious effect on other members of the euro zone.

The Euro Contagion refers to the risk that Greece would infect its neighbours if it either defaulted on its debts or exited the euro. Investors, for example, might decide that Portugal is next in the firing line if Greece left the euro. They would demand a higher financial reward for taking on the greater risk of default, and thus drive up Portugal's borrowing costs.