All Hellas may break loose
The euro is the only currency whose linguistic origin is in ancient Greek. More the irony then that contemporary Greece and the euro are heading for a clash that will leave one devastated. The market expectation is that Greece must leave the eurozone. The new Greek elections in June will make little difference. Athens won’t pursue austerity, the bailout tap will then shut down, Greece’s banking system will go belly up and the eurozone will start to come apart. The only issue will be whether the ‘Grexit’ will be messy or whether it will be managed. That matters: depending on estimates, the former will cost an affordable $300 billion or so, the latter will cost $1 trillion and above.