A look at possible scenarios if Greece defaults and leaves the Eurozone:
2. Bank runs
Regular citizens will empty their bank accounts before they converted into a new currency worth less than the previous one. The government may impose a freeze on withdrawal and banks from other countries that have lent to Greece could also collapse.
5. Market turmoil
A Greek exit from the Eurozone could force lenders and investors to sell off their risky investments. This will cause the stock markets to crash. High-risk borrowers may face higher borrowing costs, Certain safe investments like the dollar, en, Swiss franc, gold could rise and these governments could borrow cheaper.
8. Greek debt default
The country will not be able to borrow from anyone and the government will eventually run out of euros. It will have to pay social benefits and civil servants’ wages in IOUs (if it pays them at all) until a new currency is introduced. All repayments of debts will stop and Greek banks will go bust, since they won’t be able to lend to the government.
Full article: Eight possible scenarios if Greece defaults and leaves the Eurozone (The Economic Times)