Greece is facing a dilemma. A simple one really. Either we accept the destructive terms of the new loan and crash completely in a few months. Or else we don’t accept this new poison and crash in a month. Not much to chose from.
Only in the first case we crash on our own and all that is left of Greece is what can be found in the history books. A bit like Carthage. Whereas in the second case we crash like Samson and take the Temple of Euroland down with us. Again Greece will be consigned to the history books.
Or perhaps not the history books but the Economics manuals. Under How NOT to manage a sovereign debt crisis.