I feel sorry for Greece. They chose this option thinking it's the lesser evil (and it probably is) but it is going to cost them dearly nonetheless.
It's just a matter of personal opinion, but leaving the Eurozone has just set the country a decade back in its evolution. I hope more competent people will be in charge in their future, because otherwise I cannot see them recovering any time soon.
They voted for shall they accept creditors terms and not about leaving EMU or EU. Although Leaving EMU would be a good choice.
Anyway these are probable options from now on (according to ZH http://ow.ly/PcKDQ):
N1 – Soft deal: The most unlikely scenario is that the euro-area partners offer a much softer programme to Greece.
N2 – Default-and-stay: Moderately less unlikely is a scenario where Greece defaults but stays in the euro thanks to a direct recapitalisation of Greek banks by the euro-area partners, with the Greek government using only domestic resources for the country’s fiscal needs.
N3 – New deal: The third scenario is one in which the rising economic and political cost of a closed banking system results in the Syriza government being replaced by a new government of national unity and a new deal with creditors being reached.
N4 – Grexit: In our view, Grexit and Scenario N3 are the most likely
I feel sorry for Greece. They chose this option thinking it's the lesser evil (and it probably is) but it is going to cost them dearly nonetheless.
It's just a matter of personal opinion, but leaving the Eurozone has just set the country a decade back in its evolution. I hope more competent people will be in charge in their future, because otherwise I cannot see them recovering any time soon.
They voted for shall they accept creditors terms and not about leaving EMU or EU. Although Leaving EMU would be a good choice. Anyway these are probable options from now on (according to ZH http://ow.ly/PcKDQ): N1 – Soft deal: The most unlikely scenario is that the euro-area partners offer a much softer programme to Greece. N2 – Default-and-stay: Moderately less unlikely is a scenario where Greece defaults but stays in the euro thanks to a direct recapitalisation of Greek banks by the euro-area partners, with the Greek government using only domestic resources for the country’s fiscal needs. N3 – New deal: The third scenario is one in which the rising economic and political cost of a closed banking system results in the Syriza government being replaced by a new government of national unity and a new deal with creditors being reached. N4 – Grexit: In our view, Grexit and Scenario N3 are the most likely
N1 and N2 seem pretty unrealistic to me, however, thanks for pointing out that they are not 100% out of the Eurozone yet.