With the negotiations between Greece and the rest of the euro area at an impasse, an impatient German Chancellor Merkel has warned that an agreement must be reached before the end of the month.
Meanwhile, some Greek officials have warned that Greece might be unable to repay a 5 June IMF payment if it does not receive further funding.
On paper, this means this week could be 'make or break' time, although given the recent track record of constant push back of deadlines, it remains uncertain whether this really will be the case.
Compared to 2012's Greek stress, firewalls are now better (although still not impregnable), with the European Central Bank engaged in broad-based sovereign bond purchases, and the interconnectedness of the Greek banking system having been heavily reduced.
