Greece’s creditors are ready to pull the plug on Greece if the country does not accept “half” a chance for a solution offered at Tuesday’s EU summit. Will they pull the plug and push the country out of the European Monetary Union or will Prime Minister Alexis Tsipras and new Finance Minister Euclid Tsakalotos come up with convincing reforms?

Proto Thema sources on Monday said that bankers have no qualms about cutting emergency liquidity to Greece via ELA. The European Central Bank on Monday made it harder for Greek lenders to tap the emergency loans for Greece. This was a warning sign for Greece amid negotiations that are to take place at Eurogroup on Tuesday.

Two pit-stops on the way to a decision for Greece:

Eurogroup at 2 p.m. – Tsakalotos will need to convince his EZ counterparts that Greece has turned a page.

Eurosummit at 7 p.m. – Proto Thema’s sources point to leaders of EZ countries seeking to make it clear to Tsipras that the course followed thus far will lead to Grexit.

The new deadline

After whizzing past all other deadlines, the latest date worth noting is July 20 when the government will need to return 3.7 billion euros to the European Central Bank – in just two week’s time before defaulting x 2 following the IMF default on June 30.