@hawkeye10,
I fear the next event will be the fall of the current government in Greece resulting from a no confidence vote in their parliament. That would leave these issues still in the air when the next EU financial aid tranche is due - and still with no committment from a Greek government able to deliver on its promises. That, together with the stark lack of constructive action to deal with its continuing deficits on the part of the Greek government, and the increasingly vocal (and often violent) resistence of the people to even the slightest of the many remedies they will clearly have to endure, appears to make a very bad ending to all of this inevitable.
The post-deal suprise of the Greek government, scheduling a surprise referendum on committments they had already made (presumably in good faith), appears to have destroyed any remaining sympathy for them among European governing circles and perhaps among the public as well. Once the major European powers conclude a Greek default is inevitable they will very quickly end all pretense at aid for Greece and focus entirely on limiting the contagion on their other, larger, threatened partners - prominently Italy and Spain. That moment appears to be now at hand.
The worldwide connectivity of financial markets adds likely poorly understood elements of risk for other countries, prominently including the U.S. and the UK, both of which are burdened with high debt levels, current deficits and slow economic growth. We should also worry about the transfer of our own funds to an ailing EU through the IMF.
Perhaps our esteemed Nobel laureate Krugman might care to revisit his earlier proposal for yet another multi trillion dollar "stimulus" on borrowed money.
Meanwhile our Congressional "select" committee appears to be as paralyzed as the Greeks in figuring out how to act responsibly to address our own growing debt crisis.
