Deutsche Bank has unveiled an extensive report listing three possible scenarios for negotiations on the ongoing “Greek issue”, while stressing that intense negotiations and possible future conflicts between Greece and eurozone creditors could lead to a referendum in the former.

Entitled “Greece update – few good options ahead”, Deutsche Bank reports that the following weeks are expected to be more than tense.

According to the German financial giant the first scenario remains none other than reaching a deal; the second is “no deal” and therefore no funding from the ECB, and the last option is the possibility of a referendum.

At the same time Deutsche Bank examines the developments in the wake of SYRIZA assumption of power on Jan. 26, all negotiations and clashes, including the recently tabled — by SYRIZA — is of WWII reparations.