Troops on the street. Full scale riots verging on civil war. ATMs closed. Massive amounts of Greek capital already moved abroad which defeats object. People searched for Euros at borders. Greek default anyway. Massive runs on banks across Europe. The impossible task of persuading the markets that Greece is special case. Grexit would mean Eurexit for all. Multi-trillion cost for Germany.
Alternatively. Greek elections happen and new government seek new deal. Germany writes off 200 billion Greek debt. Greece remains in Euro.
The markets and media can believe what they like. I know what I believe. Ultimately Austerity is killing growth. Borrowing is too risky. But no-one is talking about the third option - tax the rich. I wonder why the media owned by 4 billionaires would choose to ignore option 3?