A Financial Times article by Brussels bureau chief Peter Spiegel entitled “Tsipras letter reveals the precariousness of Greece’s finances”, focuses on Greece’s proximity to a default, following last week’s 750-million euro International Monetary Fund repayment, which Greek Prime Minister Alexis Tsipras warned IMF Chief Christine Lagarde would not be repaid without EU aid.

Athens managed to pay the installment by “tapping a rarely used emergency account Greece holds at the fund” that is considered an “unorthodox transaction that amounted to borrowing IMF funds to pay the IMF.”

FT focuses on a letter that the radical leftist Greek premier sent, warning that the payment would be missed unless the ECB raised curbs on Greece’s ability to sell short-term debt.

The letter, reported on in the Athens’ daily Kathimerini, raises questions about the Greek state’s ability to continue to operate. The article speculates on the next IMF payment, worth 300 million euros, which is part of a tranche of 1.5 billion euros that the Greek government is struggling to collect by the end of the month.

Meanwhile, the government coalition is locked in a four-month stand-off with lenders over the release of 7.2 billion euros in funding left over for Greece in the second bailout package.

FT speculates on the content of the letter that apparently was discussed behind closed doors with Poul Thomsen, the head of the IMF’s European department, warning the board that negotiations on Greek economic reforms were unproductive and there was talk as to whether there should be a “take it or leave it proposal” made to the leftist government.

On his part, Thomsen said the Fund had been flexible. IMF Chief Christine Lagarde backed Thomsen, stating that there should be a “quick and dirty” approval process.