>> The 5th July 2015 marked a turning point in the history of post-war Europe - the moment when the euro currency began its inevitable collapse - and the European Union project itself started to disintegrate.

>> The Greek ‘No’ vote restricts the EU leadership to two options -  both of them nightmarish:

>> They can either allow Greece to impose its own terms for staying in the euro, and so abandon the EU-imposed austerity policies that have destroyed the national economy. Or they can force Greece to abandon the euro, and go back to its own currency, the Drachma.

>> Leaving the euro would certainly bring immense uncertainty to an already chaotic Greece. But at least with its own national bank, Greece could set its own interest rates and make its own spending decisions. No longer under the control of Brussels commissars and foreign bankers, the economy in time would have a fighting chance of flourishing once again.

>> The country could start to recover after a period of chaos. The drachma would depreciate precipitously, making Greece far more competitive than countries still imprisoned in the eurozone. Tourism, for example, would boom because holidays in Greece would be so much cheaper.

>> Crucially, this was the experience of Argentina after its national currency, the peso, sensationally decoupled from the U.S. dollar in 2002. The economy grew at an amazing annual rate of 9 per cent between 2003 and 2007.

>> It would, of course, be a total disaster for the European project if Greece, freed from the shackles of the euro, mirrored Argentina’s success. Rival European states stuck inside the stagnating eurozone would study the Greek economy at first with disbelief, then amazement and finally with envy. Then, one by one, they would follow the example of Greece and break away from the eurozone.

>> Terrible risks lie ahead, but the Greek leader Tsipras has already achieved something extraordinary. The idea of democracy was invented in Greece 2,500 years ago. Thanks to him, democracy inside the eurozone, snuffed out by the euro single currency, was reborn in Greece on Sunday...

www.dailymail.co.uk/article-3151687/greece-no-end-of-euro-eu