"Most economists agree the austerity measures foisted on Greece as part of its 130 billion-euro bailout will be impossible to deliver because they would drive the country deeper into recession and make debt even harder to cut"

"Experts who work for the EU's finance ministers have told member states to begin making contingency plans for a Greece exit"
"French banks, which are among the lenders most exposed to Greece, have stepped up their plans for a Greek euro zone exit. They include Credit Agricole, BNP Paribas and Societe Generale."

The full potential consequences of a return of Greece to the drachma could lead to a 'Lehman moment' for Europe." [The American Lehman Brothers bankruptcy is perceived of as the 9/11 of the financial crisis, the moment where liquidity problems that had been bubbling since late 2006 turned into a full-fledged panic and then economic collapse. The question American elites are pondering is, will a Eurozone break-up, or even Greece leaving the Euro, cause another such moment?]

Greek elections are scheduled for June 17 and could hasten the country's departure from the currency club after it. With Portugal, Spain and even Italy following suit by dumping the euros and going back to their original national currencies.

Central banks and companies will be committing a grave professional error if no preparations are made by them for such a scenario.
Greeks who are the most corrupt greedy people on the face of the earth, mostly a bunch of thieves and swindlers, and whom the ancient Persians tried to invade for no other reason than to make of them a decent honest people, and for whom many apostles were send by God to make of them a God fearing people, have not changed a bit during all those centuries; they may have even gotten worst. The consequences of their folly can be --being wiped out from the face of the earth by modern Persians or modern Turks.

http://www.cnbc.com/id/47587509
Greece will leave the euro zone on June 18 following the country's elections on the 17 as the rest of the euro zone rounds on "cheaters," Nick Dewhirst, director at wealth management firm Integral Asset Management, told CNBC.com Monday.
"The euro zone is a club but you get cheaters who get away with it until everyone finds out and at that point you need to remove them otherwise everyone will cheat. It's better for Greece to leave," Dewhirst said. He added that Greek society was built on cheating and scheming,
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Dewhirst said that there had been a significant amount of "scaremongering" from the euro elite about the ramifications of a "Grexit" but that it would be feasible and even orderly.

"Its a bit like Y2K, [also known as the Millennium bug, the much- hyped problems that would affect computers globally as the year changed to 2000] there would be a lot less to it then everyone thinks.
"The Greek banking system would close for a week and therell be a new currency. Not the drachma but ideally it would be two Geuros (the name given to a possible Greek parallel currency) to one euro so they devalue and fix to the euro," Dewhirst said.

He added that this would transform Greece and the rest of the euro zone for the better.

"Greeks would no longer be able to afford German cars and Germans would be able to buy Greek villas and the young unemployed in Greece would have jobs as tourism booms. The best thing would be that they [Greeks] could blame the foreigners, Dewhirst said.
He said suggestions of a bank run and contagion have been overplayed by some quarters.

"Yes, the banks would run dry but it can be done, there is a lot more money electronically than there is cash. In Argentina they closed everyones bank account and then they were reopened using Pesos. The club would rally round the rest so the weaker members - Spain, Italy, Ireland and Portugal -would receive a massive support mechanism. The Germans would provide support to the rest of the euro but not to the Greeks," he said.
http://www.cnbc.com/id/47587509

Should Greece return to the drachma, its currency probably would suffer an immediate devaluation of as much as 75 percent against the euro, spurring widespread defaults on foreign loans, economists at UBS (UBS) say. If European leaders couldnt make a credible argument that Greece was an isolated case, depositors in other nations might decide to withdraw euros from banks or shift them to countries seen as safer. The more policy makers continue to openly discuss an exit, the more likely that people in Spain, Ireland, and Portugal pull money out of their local banks, says Andrew Stimpson, an analyst at Keefe, Bruyette & Woods (KBW) in London. Frances Société Générale estimates that a Greek exit could mean more than $1.1 trillion in loan and currency losses in the U.S. and Europe.
Bloomberg Business Week
Global Economic
Greek Exit Could Trigger a Run on European Banks
By Elena Logutenkova, Liam Vaughan, and Gavin Finch on May 24, 2012
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Switzerland draws up eurozone collapse action plan
AFP Sun, 27 May, 2012
The Swiss National Bank intervened in September to stem the rise of the Swiss franc which had soared as investors sought a secure place for their cash, hurting Swiss exports and the tourism industry.
Switzerland does not foresee a break-up of the eurozone but is nonetheless drawing up an action plan in the event of its collapse, the country's central bank chief said on Sunday.
http://ca.news.yahoo.com/switzerland-draws-eurozone-collapse-action-plan-153535951.html