Analysts at Societe Generale, the second largest French bank, said earlier this week in a research note that an "exit would be economically ruinous for Greece." Moreover, the SG analysts believes Greece's economy could collapse by half if an exit occurs and that the resulting contagion would prove a swift and severe blow to Europe's already-fragile financial system.

"For the Eurozone, any Greek exit would have a negative impact, but more than that, it would dramatically reduce the time available to sort out the shambolic architecture that is threatening the system," the analysts said.

Shambolic, indeed. Greece's economy is in a shambles and it's dragging down the rest of Europe with it. Data released on Thursday shows that Greek unemployment soared to a record high of 22.6% in the first quarter of 2012, about twice the rate across the rest of Europe.

A Willingness to Compromise Either Way