Whether Greece leaves the eurozone or not, the country is headed for even more pain

Financial Post

Greece is supposed to pay the International Monetary Fund (IMF) almost 1.6-billion euros by next weekend. It will almost certainly miss that payment. Its hopes of securing an extension of bailout funding from the IMF, European Union and European Central Bank are nearing zero. That mark will be hit unless Greece and its creditors somehow snatch resolution from the jaws of debacle.

[np_storybar title=”Five ways this mess in Greece could shake out” link=”http://business.financialpost.com/news/economy/five-scenarios-for-greece-in-the-coming-days”]
Greece has never been this close to default and markets are panicking. But what exactly is the country’s fate? Here’s a look at how the scenarios could play out and what it means for the world
[/np_storybar]

Probably, perhaps certainly, they won’t.

If the failure of last-ditch talks last week didn’t see to that, then Greek Prime Minister Alex Tsipras’s surprise announcement that he would hold a referendum next weekend on the creditors’ draft proposal did.

In…

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