"If I am right, there are multibillion-euro consequences for American companies.
If Greece leaves the euro, the consequences for the eurozone are unclear.
As markets grasp that a vicious downward spiral is structurally embedded in the euro, the consequences for the next crisis become profound.
After all, Europe's biggest economy is benefiting more than anybody else from this situation: its economy is nearing boom times, as a weak euro (a consequence of the EU's economic woes) makes German products extremely competitive in China and elsewhere.
The ECB's new policy was designed to protect the euro from the consequences of a Greek exit or default.
Greece is in depression, and its second election next month may push it out of the euro, with unpredictable consequences.
Breaking from the euro would have consequences, but it is becoming increasingly likely that the pain from the break is less than the pain of staying in.
Or could the clash lead to the result from which both Greece and its euro-zone partners recoiled in 2012: "Grexit" from the euro, with painful consequences all round?
The calls confirm that Greece has reached the end of the road and plead for a decision by European leaders within 48 hours on a plan to protect the euro from the consequences of a Greek default.
