Greece isn't Argentina, but it isn't exactly Zimbabwe either, far from it. No one knows what will happen in the event of a default, no matter how good the modelling, it's as simple as that.

Remember, the scarecrow being bandied about here is "hyperinflation," not simply a bout of high inflation (which actually would be welcome news not just for Greece but for most of Europe).

But, I think we both can agree that whatever the result, the real shame here is that the Greeks didn't just tell the ECB, the IMF and the EU to shove it up their ass and default two years ago, we'd all be better off, not just the Greeks. Though this result was perhaps not unpredictable given the craven clientelism of the PASOK elite, the sort of uncertainty that scenario would have brought about made it difficult for them to remain in control of the money levers to keep their partisans on side and in power. Papendreou...well, enough said.

The Hun is always either at your throat or at your feet. Winston Churchill