El Mundo: The dark effects of a Grexit

For Estepa, although there are "many unpredictable factors," any Grexit will be harmful for the country.

"Experts can not agree on whether a Grexit should be done immediately or scheduled and gradually," but from the moment you take this decision, "it will be necessary to immediately establish capital control measures."

According to the analysis of the Spanish journalist, a possible Grexit and bankruptcy would have the following effects on the economy:

 The new currency will depreciate immediately. However, we do not know the government's ability to print new currency immediately. In other similar cases, the currency depreciated between 45% and 85%. Several consultants predict that the depreciation (for Greece) will be between 20% and 30%, although this could be temporary.
This devaluation will make it harder for companies to import. Thus, there will be supply problems in medical materials and oil.
Companies that have debts in euros would go bankrupt.
The same risk of suffering will also be suffered by pension funds, whose assets have been dwindling.
The investments in the country will also be reduced further.
The country's GDP is likely to fall much more than 10% in the coming months.
All this makes visible the risk of a massive wave of exodus of Greeks to Europe in search of work that will pay in euros.

However, the El Mundo journalist cites another view, which wants Greece to benefit from a Grexit in the long term. As Estepona writes, "some analysts believe that Greece will regain control of monetary policy" and that "the weakness of the new currency could boost domestic production as well as export s[.. .] while to travel to the country will be cheaper. "

Also, the Spanish journalist notes that a bankruptcy will also have political consequences, but which are "difficult to predict". However, there are the following options:

To select a government of national salvation, or the votes of extreme parties, like the neo-Nazi Golden Dawn, could greatly increase, while some argue that it could create conditions for a kind of civil war.

A Grexit will make Greece revise its alliances and this would destabilize the Balkans

Also, "Greece will revise its allies" writes Estepona, making reference to turn to Russia, something that would "destabilize even further the Balkans", and eastward, and in particular China. He wonders what will happen with NATO and simultaneously emphasizes that in terms of "geopolitics, Greece is a key country for the EU" and that "the EU is also key alliance for the Greeks."

Finally, wondering: "Is bankruptcy and Grexit the only option in the event of disagreement?". Estepa answers: "No". "According to experts, things are much more complicated," writes Estepa quoting the scenario published by Die Zeit concerning a bankruptcy of Greece within the euro.