The Greeks are slowly learning that you must give the Devil his due. Free markets work but socialists who specialize in hand outs to acquire power have been gaming the system for a long time. Understand that when you hear that the FED is maintaining artificially low interest rates that this is not free market, it is gaming the system. Our time will come.
Now Greek premier Tsipras is desperately maneuvering to maintain his own power. Tsipras' game of chicken with Greece's lenders and the rest of Europe has failed. His party's goal now will be to convince the Greeks that there is an acceptable way out of this mess while his political allies stall for time and work on plan B.
As my brother has posited on his blog the future is unknowable and anything may happen. While I agree with his premise I believe we can make some assumptions based upon Mr. Tsipras' past performance and it would be prudent for Euro leaders to begin making plans for these outcomes.
Tsipras' left wing Syriza government has convinced the people of Greece that European lenders have treated them unfairly. At the same time this government adopted a position with its creditors that it knew would be rejected. Tsipras did this in such an arrogant way it is difficult to believe he ever wanted to avoid default.
Given Tsipras' past track record and the current situation the Greeks could be looking at a Chavez style dictator. His rule would have the trappings of elections and democracy. His noisy socialist followers would stage rallies and protest against any sort of sanity but with the help of a compliant media Tsipras will become a dictator. The stage is too well set and Putin is waiting in the wings.