While the risk of Greece missing a debt payment in coming weeks is rising in the absence of an agreement with creditors, this may not necessarily lead to default, or euro exit, at least not immediately, analysts say.
•Some officials already alluded to this possibility, with ECB’s Constancio telling European lawmakers a default doesn’t automatically mean Greece must give up its euro membership, and economic affairs commissioner Moscovici ruling out preparing plan B in case of Greek failure.
•Greece can continue on without a deal until possibly late July when ECB loan repayments come due, analysts from HSBC to BofAML say; capital controls and a parallel currency may allow the country to carry on for a few months before reality sinks in.
•Here is a potential sequence of events:
MORE:
http://www.bloomberg.com/news/articles/2015-04-29/can-greece-default-and-keep-the-euro-
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The other thing that no one seems to mention, while everyone waits on more news, is the fact that it isn't only Greece that has unsustainable debt, as the year progresses and as this story progresses, we all know other EU nations are taking note for good reason.
It seems that the EU is in survival mode, time for the powers that be to realize it is time for they, themselves to reform, not Greece alone, the EU together, a unified Europe, with shared prosperity that honors humanity, nothing else is sustainable. All the things they laugh at Syriza for, are the very things that hold promise.
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