The Greek-Cypriots had argued that it would be inappropriate for Turkey to join a club, one of whose members it failed to recognise.

ECONOMIST: A date with Turkey | The

One way forward might be to persuade other euro-area countries to buy Greek bonds, perhaps by providing guarantees for euro-area investors.

ECONOMIST: Greece's fiscal crisis

But no-one knows for sure what the consequences of a Greek exit would be, and whether it would prove to be significantly more expensive than the current path.

BBC: Greek leaders battle for euro survival