Greece Deal: Why Deadlines are Pointless

Anyone who’s followed Greece for the last few years knows it is pretty pointless to talk about deadlines.  If it isn’t the 11th hour with Greece, it isn’t happening. There are now eight days left until June 5, when the country must pay the International Monetary Fund 300 million euros ($221 million).

Despite cries from various factions within the Athens government that “we won’t, we can’t or we shouldn’t pay” – Greek finance minister Yanis Varoufakis has said they will pay IMF and that a deal has been signed with creditors.

Reports from sources close to the talks suggest a Staff Level Accord (SLA) between the Greek government and its creditors is being crafted today. It could still take up to a month for Greece to get access to some or all of the 7.2 billion euros in the cash disbursement but a SLA may be enough for the European Central Bank to remove its controls on how many T-bills can be issued, currently set at 15 billion euros.