Sunday is a “monetary D-Day” for Greece, as it is facing the harsh reality of a possible exit from the European common currency. The fate of the country’s membership will be decided at the EU-29 Summit — where all 29 member-states of the European Union and not only the Eurozone members are participating — a sign that shows the gravity of the situation.

Too late?

The radical leftist government is making a last-ditch effort to avoid the unthinkable, by formally requesting a loan on Wednesday from the European Stability Mechanism. The truth is that no matter what the Tsipras government is willing to concede to at this point, trust has been seriously damaged with its European partners. That was evident during PM Alexis Tsipras’s speech before the EP Plenary the same day, where he faced an avalanche of criticism — from mild, moderate to stinging — from practically every political grouping in the chamber.

The dreaded Grexit procedure

Reports claim Grexit is a scenario Europeans are not only seriously considering, but have also taken steps in that direction through a specific plan. The European plan involves a gradual disentanglement of Greece from EU institutions and organizations until the end of 2015. Starting with the abrogation of its membership in the Schengen Pact, the country will be released from any responsibilities deriving from its ties to EU institutions and procedures. The EU, according to reports, has earmarked 2 bln euros in order to help what it has loudly predicted will be a humanitarian crisis.