And I do mean now. With the primary surplus gone, this means further cuts in government spending. Confiscation of bank deposits and banks flat out of cash. Continuation of capital controls. Difficulties in consummating international or even domestic transactions. Problems in paying for fuel, seeds, fertilizer, and medicines.
Here are some possible Greek plans, but everything remains up in the air. If nothing else, I give them credit for their stones. Let’s hope this works out in the longer run, it sure won’t over the course of the next year or two.