Just when the EU fails is debatable but fail it will. It is difficult to see this crackpot French and German dream for Europe as sustainable in the long term.
Orderly queues are reported at banks in Greece. The population of Greece have taken such a battering they probably don't have the energy or will left to make a run on the banks. But anyway capital controls will stay in place, at least for now. A weekly limit €420 a week remains in place. That equates to $455.14 or £292.67.
Monday news footage has shown German Chancellor Angela Merkel once again insisting that Greek debt will not get a 'haircut'. In other words Greece will have to pay what it owes in full; an impossible task?
At the end of June the Telegraph reported "Greece owes money to a number of countries and organisations following two bailouts - one in 2010 and another in 2012. The bailout funds totalled €220bn, most of which hasn't been be paid back. Greece owes around €56bn to Germany, €42bn to France, €37bn to Italy, and €25bn to Spain." "The Greek government also owes private investors in the country around €39bn, and another €120bn to institutions including Greek banks. Greece's debt mountain is 180pc of its GDP." Check out the Telegraph for more staggering figures.
Those figures will have increased due to time delays in working out a new debt deal. But they show that Greece does not have a hope in hell of balancing the books.
Merkel also said Monday that a 5-year Grexit for Greece was no longer available. This is not the first time offers have been withdrawn seemingly as a slap on the wrist for the Greek government.
It seems Greece will have to suck up tough austerity, continue to try to pay unrealistic debts and if all else fails either leave the Eurozone and maybe the EU permanently or face bankruptcy.
All in all a perfect scenario for a coups d'état, revolution or simply political turmoil.