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."
With your current subscription plan you can comment on stories. However, before writing your first comment, please create a display name in the Profile section of your subscriber account page.