Greece will print. That's what is baked in the cake. Who exits depends on what it prints. If it prints drachmas, Greece has exited. If it prints euros, Germany exits. Greece would love to print euros but they have to seriously bend a lot of EU norms to do it. They would become european pariahs. And that's the real red line that the troika dare not cross. They can't punish Greece beyond a certain point or Greece will have nothing to lose by printing the better currency for them.
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