Barring some miraculous breakthrough over the next 24-48 hours, it would seem that time is running out for a pre-July 20 agreement and there are really only two choices left:
1) Negotiate a short term deal – bridge financing to clear the IMF arrears and make the July 20 ECB payment, and another month or two to allow time for a real agreement to be negotiated. The problem here is that all parties are sick of kicking the can further and a short term deal only makes sense if there is consensus on the broad outlines of a program and it’s just a matter of more time being needed to finalize the details. This is clearly not the case here.
2) Begin planning for an orderly Grexit. No one wants to go down this path, but if the only choices are to start planning for an orderly Grexit now or have an unplanned, disorderly Grexit in two weeks……..