The Guardian view on Greece’s no vote: eight days that shook a continent | Editorial | Comment is free | The Guardian
▻http://www.theguardian.com/commentisfree/2015/jul/05/the-guardian-view-on-greeces-no-vote-eight-days-that-shook-a-continent
If Greece is forced out of the euro, contracts will be disrupted and supplies may dry up for a while, but in principle a carefully managed devaluation could provide a path away from penury. For the broader eurozone, by contrast, forcing Greece out will produce no upside. Instead of a negotiated debt settlement, official creditors could lose everything. A slow-burn fuse would be lit under the whole single-currency project, as markets speculate on where may be next. And now that the respectable course of EU-backed orthodoxy has failed at the ballot box, there is also a risk of political contagion, with untold consequences for the more fundamental and more precious project of kinship across the continent.
Via Felix Salmon