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Greeks go to the polls in a repeat national election on Sunday that will decide if Greece stays in the euro zone, which could spread turmoil across global financial markets. Regardless of the outcome, though, “Mad Money” host Jim Cramer thinks the result will be a “win-win.”
“If the Greeks elect a prime minister who believes they have to stay the course, then the euro is preserved and there won't be any panic about the breakup of the European Union,” Cramer explained. “But if the Greeks toss the austerity bum out, as opposed to the other bum who wants to trash the euro, then central banks all over the world are going to pump liquidity into the system, which is code for ‘we're going to print a lot of money’ and that will drive stock markets higher as it always does.”
As it turned out, U.S. stocks closed at session highs Friday, lifted by reports that central banks are prepared to provide liquidity after the election. To Cramer, the rally signaled that “American stocks may be just fine to own right through this turmoil.” After all, Cramer thinks it is “ridiculous” that “some tiny country” has a greater influence on American stocks than the U.S. itself.
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