The never ending tragedy known as the Eurozone is flirting with disaster and the unknown consequences of what would happen if Greece is ejected by brute force or leaves by sheer will from the EU. Interestingly enough, the first Bitcoin ATM has arrived in Athens just in time.
The clear lesson being learned is the recipe of political and social integration before economic integration makes a terrible meal. A lot of noise and overcomplicated explanations have been put forth as to what will happen.
In reality, there are four options left as to how this can play out:
- Greece gives in;
- Greece digs in and demands more concessions, the EU listens and agrees;
- Greece defaults, which may lead to the EU pulling the plug on commercial banks in Greece and massive bank restrictions which would probably result in capital controls to stop bank runs in Greece and a total collapse in the monetary base;
- As a result of this, Greece begins printing its own currency in order to ease the massive blow of default which will be extremely painful at first and could lead to hyperinflation.
The latest news from Athens is that Prime Minister Alex Tsipiras has announced a referendum to be held on