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One is that Greece reforms its tax administration, which is notoriously bad at collecting taxes. Another is to open restricted professions — Greece has tons of them, like engineers, notaries public, actuaries and bailiffs — and liberalize tourist markets. Oh, and while they’re at it, the creditors are calling for an end to the huge fuel subsidies enjoyed by Greek farmers and tighten the definition of “farmer” for tax purposes (farmers get preferential tax treatment).

But of course the details won’t matter much. The question will really come down to whether Greeks think staying in the eurozone is worth feeling even more pain than they already have after five years of austerity. The alternative isn’t much better, and maybe even worse: Grexit, rampant inflation, high unemployment, an inability to access debt markets.

With or without the euro, Greeks are going to feel more pain. The choice is between the pain of welfare dependency, with a provider who will always want to shrink the dole, or the pain of inflating your way out of debt.

There might be a middle way, like Greece pegging the revenant drachma to the euro or the greenback, but one has to wonder whether Tsipras and his hard-left Syriza government wouldn’t find the inflation option more tempting, given his dug-in position so far.

Still, unless an option to Grexit is invented, the economic crisis in Greece — which is already in recession, and where the the economy has shrunk by 25 per cent in the past five years — is going to deepen. We can expect more social unrest in the birthplace of democracy. And that might have spill-over effects that go beyond economic policy, or anything Tsipras or the EU can control.

Will Greeks’ pain become Europe’s — and the world’s? So far, European and North American stock markets have been greeting all this with a sigh and a yawn. The STOXX 60 actually closed up last week, as investors seem to have concluded that the fallout of a Grexit has already been priced into markets.

They might have to think again.