…to the euro if the Eurogroup comes to the brink of rescuing Greece and then balks?
It would confirm every stereotype about Europe being incapable of action.
I would expect a far greater crisis as confidence is lost in the EU as an institution than if the notion of a package had never been raised.
It is for this reason that I think there is a 90% chance of a debt guarantee for Greece, at a minimum. The costs of doing nothing at this point would be catastrophic. A fully fleshed out deal may be days away, but there will be a deal nonetheless.