President Barack Obama put on his market strategist hat on Tuesday and calmly declared that financial markets have “properly factored in” the risks of Greece’s increasingly dire financial woes and possible exit from the euro zone.

But Wall Street fears he might be wrong.

In the short term, analysts and traders say, Greece is too small to have much of an impact on the U.S. no matter what happens in its seemingly endless dance with European creditors. But if the nation ultimately leaves the euro zone it could set a dangerous precedent that may ultimately be followed by Spain, Italy and other European nations with weaker economies.

“I think Obama is wrong about it all being factored in,” said Megan Greene, chief economist at Manulife Asset Management in Boston. “I don’t think the impact of a Greek exit if it happens will be felt right away because it’s such a small economy. But if Greece leaves it sets a precedent that other countries could think very seriously about following.”

Read the article “As Obama Shrugs, Wall Street Frets over Greece” on politico.com.