We now have entire nations which have become insolvent. It would be very difficult to argue that having a banking crisis is better than enduring a sovereign debt crisis, especially since much of the assets banks hold is sovereign debt.
It's not only all about a dilemma but about how the Greek nation -- and especially young people -- will find again a reason to hope and believe that their future can get better, even if Greece after the very crucial next general elections can make it and stay hopefully in the eurozone.
Greeks must decide to stay or go. Perhaps that is why it failed to come before the people. Perhaps that is why, when on May 6 the election was played out in a way that minimized the literal and more important question -- "Do you want to adopt the new agreement?" -- it failed again.
As the euro zone crisis intensifies and global markets reflect investor concerns, we ask ourselves, is a Greek exit from the euro on its way? Preparations have already begun to protect shareholder interest.
What would happen to Greece if it quit the euro? Financial chaos, capital flight, riots and bank failures... maybe. But after the apocalypse, Greece would eventually revert to its 1960's status: a poor but proud nation living off tourism, shipping, agriculture and fishing.
As French and Greek voters make their feeling about spending cuts loud and clear, we ask ourselves: why has there been such a strong swing to anti-austerity/pro-growth, how does this threaten the survival of the euro and is a Greek default still possible?
As Greek departure threatens to incite the vultures and to extinguish that dream, a tremendous leverage is linked to exit. In this moment that specific power accrues to the Greeks. Does that make it their best option?
Europe's election results sound an alarm for European integration and, consequently, the wellbeing of both the region and the global economy. Let us hope that the inevitable short-term volatility is a precursor to a more decisive effort to deal with the continent's festering problems.
Prices quoted on the Greek drachma, together with the tax-free or reduced tax environment, will result to adding more value to the holiday's budget -- therefore making Greece very affordable and overwhelmed with tourists from every part of the world.
In short, we have a chance to have an "American decade" economically. All we are missing is a little optimism -- well, OK, a lot of optimism, and lot more skepticism about the folks peddling pessimism as if it were the new true religion.