Greece and its international creditors have 72 hours to resolve their differences, with the likelihood of a default seeming more likely as the tock ticks on. Eyes are now turned to European Central Bank Chief Mario Draghi and the central bank meeting on Wednesday that will decide whether funding for Greek banks will continue through European Liquidity Assistance (ELA).
Draghi has already warned Greece that time is running out. “We need a strong and comprehensive agreement with Greece,” he told the European Parliament in Brussels.”While all actors will now need to go the extra mile, the ball lies squarely in the camp of the Greek government.”

On his part, Prime Minister Alexis Tsipras appears unlikely to budge. He has already refused to cater to creditors demands concerning the lowering of pensions, VAT hikes or reform labor laws that were placed to protect workers. Both sides are calling for the other side to show “realism”.

Just hours ahead of the Eurogroup meeting in Luxembourg on Thursday all sides are waiting for a deus ex machina to help break the deadlock. European Commission President Jean-Claude Juncker has accused the Radical Left Coalition (SYRIZA) of misleading its voters and not telling the truth about its bailout proposals. “I am blaming the Greeks for telling things to the Greek public that are not consistent with what I’ve told the Greek prime minister,” says Juncker, pointing out that he is not in favor of increased sales tax on medicines and electricity as Greek ministers have suggested.

The stalemate adds to the importance of the ECB’s weekly governing council meeting on Wednesday that will review central bank lending to Greece’s fragile financial system.

Finance Minister Yanis Varoufakis is in Paris for a meeting with OECD Secretary-General Angel Gurria in Paris to discuss a wide range of issues, including reforms on product markets, retail, construction, banking, one-stop shops, the labor market and battling corruption.

Based on the current situation, it seems unlikely that a breakthrough will take place at Eurogroup on Thursday or that a decisive European Council to seal a deal for Greece will be held on the weekend.