NEW YORK (TheStreet) -- Investors are still hoping for a last-minute deal between Greece and its creditors this weekend. But if one isn't reach it won't have a major effect on the markets, Jasper Lawler, a market analyst at CMC Markets, said Friday.

If Greece misses its June 30 payment to the International Market Fund, "it may be slightly different than, say, if they miss a payment to a private bondholders. That's an automatic default," he explained. But with the IMF, while Greece will fall into arrears, "that doesn't necessarily mean that there's going to be a mass run on the banks in Greece."

Lawler said equity markets have a floor under them, thanks to the European Central Banks' quantitative easing program.

"We do have this massive [ECB] stimulus behind us in Europe and that obviously caused massive gains in equities in the early part of the year," he said. "But at the moment, there just isn't quite that stimulus needed to move on or make new highs, and Greece is a large part of that."

Lawler said markets won't be able to push higher until the current Greek crisis is resolved, one way or another. But Lawler also doesn't expect the Greek drama to prompt a big downturn in markets.

"The potential downside in equities from this is fairly limited, so I don't necessarily think there's any massive need for a hedge on that front," he said. As for the euro, it has moved in a surprising way, he said. Considering the possibility of a Greek exit from the eurozone, "you would imagine that would be something that would come under serious selling pressure every time there's some signs that maybe this deal isn't going to go through. What we've seen is the opposite."

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