There are a number of options, some of which would actually cause little pain.
Personally I like the idea that if Greece says no, give them the flick & the Eurozone simply covers all losses by printing more money. Just as has any other country in the past, and Greece used to do before being tied to the Euro. Greece should not be able to effect the world the way that it has. Nobody gives a stuff when Turkey or Brazil devalues it's currencies (which they do).
Would this mean the start of the end of the euro if Greece are given the flick? Well probably (but a super euro might work). But it is so flawed that the current euro cannot work. Effectively countries with pathetic work ethics are supposed to compete on the same playing field as the likes of Germany. It is not possible at all. The German work ethic, investment and skills training is amazing. I'm in Hamburg at the moment and almost everything I buy in the shops is made in Germany.
The euro is so important to the German economy because it keeps them competetive. If Germany had its own currency now it would probably be worth 2 or 3 times more than it currently is. Then their exports would be expensive and their economy much weaker.
But papering over cracks won't work. It's time for real action.
