There are few, if any, instances of an economy transiting from an agrarian system to a postindustrial modern society without broad-based financial inclusion. As people having comfortable access to financial services, we all know from personal experience that economic opportunity is strongly intertwined with financial access.
Won’t it then come to what the ratings agencies call a default? Will the ECB then accept Greek bonds as collateral? It is not a rating default yet. But, of course, that could happen, if Greece introduces the clauses by law. Then we will have to stand by our principles.