Will Greece now leave the euro? Watch the money to find out

With initial results from Greece late Sunday showing voters there had decided to reject the terms of their nation’s bailout deal, European leaders were scrambling to figure out their next move, with a rush of meeting due in the coming hours.

While leaders in Athens have said they want to retain the euro as Greece’s currency, Barclays analysts posit that a Greek exit from the euro EURUSD, -0.6658%   — as soon as the ELA goes dry — would be a simple matter of mathematics.

“The bank liquidity crisis is likely to turn into a solvency crisis once the ECB shuts down ELA, probably no later than July 20 (when a €4.2 billion payment to the ECB becomes due),” the Barclays team wrote following initial news of the referendum’s outcome.

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