The loser of a game of chicken, especially in the 1950's style automobile version, usually "doesn't turn out too well." In Greece's horrific rebellion against its creditors and partners, its Marxist leadership and the voting public are now facing the consequences. Once its Parliament passes the required laws and a national unity government, led by a technocrat, is established, Europe and the IMF will likely be a bit kinder to Greece, especially regarding severe budget cuts, but structural reform pressure will remain intense.

Whether Greece can handle the austerity and structural reform is highly questionable, but to regain internal and external confidence in order to achieve its goal to remain a full member of the Eurozone, the country will need externally driven reform of its economic and political administration towards "best practices." This was attempted after 2011, but was internally resisted and eventually, "warm hearted" European nations advocated to stop "harsh" reforms, which let them revert to their traditional ways.

There was, however, some progress with fiscal reform after 2011 and economic growth began to recover in 2014. Unfortunately, Syriza decided to fight for more concessions on the basis that although its debt had been "reprofiled" already (they were not required to pay much interest or principal to its European creditors for many years), it was the shame of owing so much, that they thought it needed to be erased. Who should care about debts if by the grace of its creditors, they do not require interest payments, while principal payment is far away, if ever, from being required? Well, Syriza did, likely primarily due to the fact that this could get them elected into power.

The only good thing about this disaster is that it may show the Greek people that they cannot vote themselves out of debts and that there is no alternative to this painful path of externally driven administration. The term "Troika" should actually be re-introduced and welcomed as sign of the savior from the past, with a modern political leadership developed to lead the country forward in a way that is not biased towards any economic class. Like many countries that have previously refused to reform at all levels, sometimes it takes a true crisis to change.