Oh the drama! It's more than I can bare.

The next few months in the Eurozone could be as epic as a Wagner opera.

Some of us have been talking it over, and here’s what we think the end game looks like:

1. Greek euro exit, very possibly next month.

2. Huge withdrawals from Spanish and Italian banks, as depositors try to move their money to Germany.

3a. Maybe, just possibly, de facto controls, with banks forbidden to transfer deposits out of country and limits on cash withdrawals.

Edited to under 50% with link. [link to krugman.blogs.nytimes.com]