As the government of Prime Minister Alexis Tsipras closes banks and imposes capital controls, Greece is closer than ever to the euro exit door. Tsipras' decision to call for a referendum effectively ended negotiations with eurozone and international creditors, at least for now.
In addition, a last-minute request for a one-month extension of Greece's bailout program was unanimously rejected by eurozone members. Should Christine Lagarde, head of the International Monetary Fund, declare Greece officially in default, Athens will join the ranks of delinquent states, on par with Zimbabwe, Cuba and Somalia.
Greece will effectively be reduced to economic pariah status in global markets, coupled with rogue-state status on the international diplomatic stage.