Greece, been there done that

Mish quoting the analyst:

Greece appears to have neither the will nor the resources to make its payments, so avoiding default will require European creditors to disburse from their existing loan programs.Bottom Line: Greece and its creditors are again locked in a showdown over reforms, cash, and debt relief. Another cliff-hanger ahead of heavy July debt payments looks likely. Extend-and-pretend is a dead end for Greece and an increasingly populist Europe, and a more ambitious agreement seems ruled out by bailout fatigue in creditor countries. Markets are once again underestimating the risks of “Grexit.”

This is the third time trough, and the bailout price is too high for the populists.  Greece will formally exit the Euro.