The government says it wants an honorable compromise with the creditors, who are in turn demanding a credible reform list. However, the distance separating the two sides remains large as the progress in negotiations is slow, allowing the ugly scenarios of default and “Grexit” to be assigned higher probabilities by analysts and others. The end of this standoff will depend on the government’s intentions, strategy and cash reserves and the stance of the official creditors. At this point, the impasse looks set to continue despite Greece’s pressing liquidity needs.
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