Good article of possible scenarios. I have a problem with the "bounce back" section. I don't see the export potential (commodities, products, technology, expertise etc) to be grown in a 'bounce back'. You can only grow so many olives and have so many sandals crawling over your beaches and antiquities. It will take a lot of time to build the educational level and technical sectors to bring real wealth in their new economy.

Definitely some tough decisions to be made. Spain is looking like it is in this club too.