Greece: Death spiral ahead -- James K. Galbraith

``Eventually, the Greek majority -- the 62 percent who voted No on July 5 -- will be heard from again. A government elected by that majority will not go back to negotiations.  Instead, it will repeal the program, default on the debt, take the consequences and leave the euro. So within a few months or years, what has just happened will be overturned and repudiated. And if the Greek banks have not failed yet, they will then. At that point, Greece will be poorer than it is, even now--but it will again be independent.''