ML-Implode News - The road to Grexit and beyond

If the Greek referendum on Sunday goes ahead and concludes in a No vote, Grexit probably beckons. If the result is a Yes, there will be initial confusion. A vote to accept the bailout may be interpreted as a vote in favour of remaining in the eurozone. In that case I would expect the Greek government -- whoever that may be after a Yes vote -- to maintain the regime of capital controls and introduce a parallel currency, denominated in euros.
A parallel currency scenario could split into three directions: Grexit within a short time; a regime where Greece defaults but maintains the capital controls indefinitely; and a scheme where the controls are eventually lifted and Greece remains in the eurozone.
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My biggest concern is a political one. What happens if the Greek electorate voted Yes but Greece is still forced out of the eurozone because the creditors and the ECB left them no other choice?
This scenario would be the most toxic of all. It will imply that a monetary union without political union can only exist in violation of basic principles of democracy. It will come to be perceived as a totalitarian regime.

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The road to Grexit and beyond