Five scenarios for Greece in the coming days

Protesters are seen through a burned European Union (EU) flag during an anti-austerity demonstration in Thessaloniki, Greece, on Sunday. Greece moved to avert the collapse of its financial system, shutting its lenders as of Monday, a measure that will deepen the recession and risk driving the nation toward an exit from the euro.

Talks have divided between the Greek government and its creditors and financial markets are panicking about Greece’s fate.

Whether Greece leaves the eurozone or not, it is going to a world of pain

Chidley: The economic crisis in Greece will deepen, leading to more social unrest. But will the Greeks\’ pain become Europe\’s – and also the world\’s? Continue reading

But what exactly will that fate be? The country has never been this near to default since joining the eurozone, but more concerning, could be setting up to depart the euro completely. It might be the first member state to drop the currency if so.

Stocks and bonds are plummeting all over the world on the news. Most are envisioning a doomsday scenario where Greece defaults Wednesday morning and helps to create market panic, perhaps even triggering an economic crisis.

But a missed payment by Greece (the country must pay the International Monetary Fund US$1.7 billion by Tuesday night) isn’t necessarily the end of the world. Here’s a glance at five ways that the Greece scenario could engage in this week.