In theory, it could still work. It only requires three miracles.

Maybe the resounding "no" to the eurozone's terms for a third bailout in Sunday's referendum in Greece (61 percent against) will force the euro currency's real managers, Germany and France, to reconsider. French President Francois Hollande is already advocating a return to negotiations with Greece.

Maybe the International Monetary Fund will publicly urge the eurozone's leaders to cancel more of Greece's crushing load of debt. Last Thursday the IMF released a report saying that Greece needed an extra €50 billion over three years to roll over existing debt, and should be allowed a 20-year grace period before making any debt repayments. Even then, it said, Greece's debt was "unsustainable."