Not much left on the table, actually. As the crisis continues in Europe, Greece has less and lesser options to address its debt problems.

This Economist article sums it up.

I am of the opinion that a default/restructuring/reprofiling is but certain to happen. Only question is what will be the consequences of that eventuality? How will it impact the stock and debt markets? Could it be just a 10-20% sharp correction in equities, followed by bargain hunting and eventual return to growth? Or something worse, like a Lehman type of fallout scenario where credit dries up as banks book losses from Greek debt default and choke up interbank lending?…