Expect Greece to default on debt repayments
Greece is now left with the only option of defaulting on debt repayment obligations, and then ask for a substantial write off of loans from the leading lenders. That could well help the country to immediately stave off the debt crisis, but there could be long term implications for the country.
The country could well be sent out of European Union and it would also not be able to raise any debt from any of the global banks and financial institutions. That could well make it into another Argentina in the making.
So Greece is trying the option of implementing austerity measures like spending cuts and tax increases. That could be difficult for Greece to implement beyond next two quarters , say experts.