It would be bankruptcy rather than austerity - all businesses will likely go belly up in the coming weeks, including the government. Work will be on the honor

It would be bankruptcy rather than austerity - all businesses will likely go belly up in the coming weeks, including the government. Work will be on the honor system, barter, and IOUs. So it's a rock and a hard place choice - austerity for 15-20 years or bankruptcy followed by maybe a new deal, betting that Europe won't let one of its own starve to death. If they lose their funding they need to do both of: 1. negotiate a new deal with their creditors 2. Get emergency humanitarian funding to feed people and keep hospitals running 3. start paying people in IOUs (which could eventually turn into the new drachma if #1 doesn't work out). Exiting the Euro completely would be disastrous for both Europe and Greece - there's a year or more of IT work required to introduce a new currency and one can't run an advanced economy on cash only. And Europe would have a €250 billion hole across the major powers that would need to be covered by its taxpayers if it can't get it from Greece. Legally by EU law they could sue Greece for its actions which then opens up questions about membership in the EU itself.