Greece Facing 'Catastrophe' after Failed Agreement

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The head of a major Greek business organization is warning that Greece faces "catastrophe" after political leaders failed to agree on a new coalition government.

European markets are reeling amid fears that Greece will default on its debt and be forced to leave the Eurozone.

If that happens, it could cause economic and social chaos never before seen in post-World War II Europe. Some predict it will lead to civil war.

If Greece dropped the euro and went back to its old currency, the drachma, the value of the currency would immediately plunge and could collapse, making the Greeks destitute.

Supplies of oil and gas, food, and even medicine could run out. The wealthy are already fleeing, along with their money and their businesses.

Greek government minister Michalis Chrisochoidis has warned that if Greece defaults and leaves the Eurozone, support for radical political parties would also likely surge.

"What will prevail are armed gangs with Kalashnikovs (assault rifles) and which one has the greatest number of Kalashnikovs will count. We will end up in civil war," Chrisochoidis said.

On the streets of Athens, some Greeks sense what is coming.

"Nothing changes. Only with a revolution can things change," an elderly man named Stavros said.

"If this political system doesn't change for new people to come in, Greece will not move forward. We are living moments from the Apocalypse," Anna, an elderly woman, said.

The euro contagion would then spread even faster to the other sick eurozone countries like Spain and Italy, which is why, to Eurogroup president Jean-Claude Juncker, a Greek exit is unthinkable.

"I don't envisage, not even for one second, Greece leaving the euro area. This is nonsense, this is propaganda," Juncker said.

But the Greeks are tired of being told by Brussels how to run their own nation. The dictates from Brussels and Germany have many Greeks in an angry, rebellious mood, and willing to risk the unthinkable: a debt default and eurozone exit.

What would happen next could be ugly.

"If we're heading towards a bankruptcy, the social cohesion, there is no question that we would be completely destroyed," Greek Economist Panos Tsakloglou said.

"Without these measures we would have an imminent collapse, a real chaos in our society," he said.

The potential disaster is why many Greeks are trying to keep Greece in the eurozone.

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