Grexhaustion is the new word to have entered the Greek crisis vocabulary after grueling meetings just days ahead of a crucial repayment deadline that Athens has to meet on June 30. The 1.6-bln euro repayment to the International Monetary Fund (IMF) carries with it the risk of default that can only be averted if Greece reaches a vital deal with its lenders to unfreeze 7.2 bln euros in bailout money benchmarked for Greece.

On Thursday, for the fourth time in a week, a Eurogroup meeting of the eurozone’s finance ministers ended without a resolution in sight. A new meeting is being held on Saturday while the danger of bankruptcy looms over Greece that could have a spill-over effect. Why Saturday? Prime Minister Alexis Tsipras will not be able to get a political deal at the summit, making it clear that the choice was now “take it or leave it.”

The IMF is insistent on imposing a draconian austerity package for Greece, with the IMF, the European Central Bank and the European Commission raising the stakes by putting forward a joint set of demands from Greece. On its part, the Radical Left Coalition (SYRIZA) believes that it has gone as far as it can go without crossing the “red lines” it has placed. Proposals submitted have already shown compromise by raising taxes and pension deductions. Greek government officials state that the lenders keep revising estimates downward making it difficult for Greece to come up with an acceptable offer.

BITS AND FRAGMENTS: 

Eurogroup Chief Jeroen Dijsselbloem

“The institutions informed us about their intensive negotiations with the Greek government. We agreed that they will do an assessment of the last Greek proposals, because they came in late today, just before the Eurogroup meeting. The institutions informed us that on a number of issues there is still a wide gap with the Greek authorities. In the meantime, the door is still open for the Greek side to come with new proposals or accept the proposals tableed by the institutions.”

European Council President Donald Tusk

“The last hours have been really critical, but I have a good hunch that unlike in Sophocles’ tragedies, this Greek story will have a happy ending.”

Prime Minister Alexis Tsipras

“European history is full of disagreements, negotiations and at the end, compromises. So, after the comprehensive Greek proposals, I am confident we will reach a compromise.”

Greek Finance Minister Yanis Varoufakis

“The institutions are going to look again at the two documents – our documents and their own. There will be discussions with the Greek government, and we’ll continue until we find a solution.”

SYRIZA MEP Dimitris Papadimoulis

“We are beginning to see that differences are bridgeable, that an agreement will be reached.”

German Chancellor Angela Merkel (according to European People’s Party sources)

“We will not be blackmailed by Greece.”

German Finance Minister Wolfgang Schaeuble

“The decision lies exclusively with the Greek authorities. They have, however, rather gone backward.”

IMF Spokesman Gerry Rice

“We are expecting the payent to be made June 30”

EP President Martin Schulz

“We are called upon to carefully weigh the risks and choose the path least likely to make citizens liable for a crisis they have not caused.”