Greece has 10 days to decide on its future following two bombs that fell on its economy last week:

* Late on Wednesday: No sooner did the markets show signs of confidence that the European Central Bank yanked Greek collateral for Greek banks.

* 3 p.m. Friday: S&P downgraded Greece to B- just 5 months after upgrading it with speculation that a further downgrade could come after February 16.

* Friday: Eurogroup Chief Jeroem Dijsselbloem gave Greece a 10-day ultimatum to fall into place by February 16 or risk a terminal bank run and capital controls

Following these moves, all eyes are on the Eurogroup’s emergency meeting to discuss Greek debt in Brussels on February 11 when Finance Minister Yanis Varoufakis faces his 18 eurozone counterparts.

There is a strong possibility that another extraordinary Eurogroup meeting (the third in a month) could take place shortly before the Greek program ends at around February 25-26. If no agreement is reached, Greece would be left on its own as a “zombie” country without an umbrella of protection.

Athens appears decided in taking the leap into the unknown if necessary. Varoufakis has laid his cards on the table and made it clear that he would not sign an extension of the program he has described as “fiscal waterboarding”, further sticking to his belief that austerity measures have caused more harm than good in Greece, explaining that “we have no choice”. This week he likened Greece to a “drug addict” waiting for its next fix. In Berlin, he described himself as the “Finance Minister of a bankrupt country.”

On his part, Dijsselbloem rejected the possibility of a “bridge deal” that would give Greece time to find a program linking debt repayment to growth. The new government’s request for a debt write down has also been rejected.

“We don’t do” bridge loans, said Dijsselbloem, speaking to the press at The Hague on Friday. “A simple extension is possible as long as they fully take over the program,” he said.