Of course Greece will default. What then?

Yes, yes, Greece will default, says Irwin Stelzer. Others will jump on the bandwagon.

The initial view that we are all in this together, that to save the euro and, indeed, the European Project, everyone must provide support for Club Med and Ireland, is less dominant than it once was. The only serious question now is what form the defaults should take.

Of course it suits eurozone governments if commentators keep writing inaccessible pieces asking whether something called defaults will happen, rather than starkly saying Yes they will happen, and what then.

Via Richard North, we discover that the economist Andrew Lilico has had a stab at it on his Telegraph blog. It's written as bullet points, so read it there. Most strikingly, Lilico writes that

Because the ECB has relatively little foreign currency-denominated exposure, it could in principle print its way out, but this is forbidden by its founding charter. On the other hand, the EU Treaty explicitly, and in terms, forbids the form of bailouts used for Greece, Portugal and Ireland, but a little thing like their being blatantly illegal hasn’t prevented that from happening, so it’s not intrinsically obvious that its being illegal for the ECB to print its way out will prove much of a hurdle.

If Greece left the eurozone, could Ireland and Portugal stay? Did someone mention Spain, which is probably on the economic rocks too?

He's written with commendably realistic cynicism. But (understandably) he doesn't consider the politics of these economic defaults.

Never mind the rioters in the indebted club med countries, which have been cushioned for far too long. (You can't keep living off foreign bankers for ever.) What about the politics in the donor countries when it can no longer be hidden from their voters how much their governments' connivance in propping up the vanity eurozone project has cost them?

Meanwhile, will the IMF keep funnelling other countries' money into this black hole? Probably.