A new round of marathon negotiations begin again on Monday with the meeting between Greek Finance Minister Yanis Varoufakis and his German counterpart Wolfgang Schaeuble on Monday in Berlin. the talks come following European Commission President Jean-Claude Juncker’s rebuke of Prime Minister Alexis Tsipras on Saturday through his refusal to speak with the Greek leader unless swift proposals are made.

This week marks the deadline to end all other deadlines and failure to reach a deal could mean a three-month extension to the current economic program for the country unless there is an agreement with Greece’s international creditors from the European Commission, European Central Bank and International Monetary Fund. The Varoufakis-Schaeuble meeting is of utmost importance as it will show whether there can be a convergence of views between the two sides. If progress is adequate, then this could help give a boost to the trilateral meeting between Tsipras, German Chancellor Angela Merkel and French President Francois Hollande in Brussels on Wednesday.

Time is of the essence as Greek outstanding payments for June alone are at 5.5-6 bln euros. Apart from the 1.6-bln ‘bundled’ payment to the IMF, there need to be another 1.6 bln euros for pensions and public sector wages as well as 1.1 bln euros for Health and 1.2-1.5 bln euros for basic supplies and State debt payments.