The alternative plan does not automatically lead to the exit from the Eurozone, but means to default, if not all, at least most of the commitments arising from participation in it. The refusal of the country would lead the European Central Bank to send it outside of programming, in principle. From this point until a return to the national currency it would start a huge round of diplomatic contacts and this does not necessarily mean the withdrawal of Greece from EMU.
It can also mean a special relationship to a timetable of recovery while reducing the debt, but it can also mean the exit from the common path of the euro and the establishment of a special connected relationship, similar to the one required for a country-member of the EU to join the Eurozone.
The'' extortion'' of the country to Eurozone for a different course would have been likely to succeed, only if the country seemed to have been in orbit for implementing strict fiscal policies for the deficits and the public debt, something that would lead (?) partners in a brave haircut such as 50% or even more. But these movements presuppose that there is a majority proposal within the country that beyond any electoral process would involve conducting a referendum after the primary round of negotiations of the new government.
And that is because the failure to obtain the concord of the large part of society could cause more unrest and glitches to democracy than the period of the voting in Parliament for the memoranda.
And if and when there is an explicit mandate from the people to the government to move forward outside the programming of the Eurozone, then the way back in the national currency and the establishment of an autonomous fiscal policy would cut only the attitude and the decision of the ECB, EMU and the EU.
If it would accept the'' blackmail'' and that would mean adjusting the programming, if it would go for a special relationship with Greece, if it would set the framework for a connected relationship similar to states seeking participation in EMU and at the end in the most negative way, it would expressly refuse the Greek counterproposal.
So if we want to speak honestly, none YES to all exits nor NO to all. However a polarized political system and the dependence of any decision from serving political parties and any other interests, don't render any government in the best place for negotiations. Finally the Greek answer to a possible denial of the Eurozone, must be depended on the people's verdict because the people after been informed for all the real data must have the final word. So that no one has then to say that he didn't knew or he wasn't asked.
The analysis above doesn't predict the future, but expresses the parameters of a scenario that may or must happen sooner or later.
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