Most scenarios facing Greece are bleak. The country could default, introduce capital controls, forcibly convert savers’ deposits into bank capital, quit the euro and so forth. But there is still a chance things might not end too badly. All those who care about Greece, starting with its prime minister Alexis Tsipras, need to work hard on the least bad path forward. This will require Tsipras not only to eat his words, but also to call a new election. The timing is tough, given a series of payments Athens needs to make to both the International Monetary Fund and the European Central Bank in the next three months, but ... (full story)