The end result will be, they chug along just barely as they have till now. In 6 months time, or a year, we'll be right back where we are now, only it'll be worse.
This is provided the people don't outright revolt.
"Let's have a referendum to see what our people think about this.....and we'll do the opposite." Don't get people's hopes up for change, and then kick them down again.
Greece is in for trouble no matter what route they go down, but it's just kicking the can down the road at this point...