The immediate effect will be some violence, a third Intifada, which the Israeli military estimates will be not as bad as the previous one. But this estimate does not take the political effects into account. Clearly, Abbas will be weakened and lose prestige with his people, while Hamas will be "proven" to have been "correct" in their negative attitude. 1. The result may very well be a reconciliation between Hamas and the PA and an independent declaration of a Palestinian state, with new elections in which Abbas will not participate. I doubt that the US will veto admittance of this state to the UN. From there it will cause endless diplomatic trouble to Israel. 2. Another possibility is that Abbas will simply retire. By law, his temporary successor is the speaker of Parliament, a Hamasnik. 3. Alternatively to point #2, but perhaps leading to the same outcome, is that the PA will dissolve itself, forcing Israel to exercise direct control over the West Bank. No more donations from the world, the financial burden will fall on Israel, as well as the stigma of Apartheid. Not pretty.
Colombia recalls ambassador to Venezuela amid border crisis (Reuters)
from the article: Abbas may circumvent Israel, ask U.S. to recognize Palestinian state