At this point it is unclear who wants Grexit more: the ECB or Greece.
With today's Eurogroup conference called explicitly to discuss a "new" Greek proposal moments ago we learned that the Greek delegation arrived at a meeting of finance ministers without a fresh proposal to secure its place in the eurozone. As a reminder, according to the FT [7], this was Greece's "final chance to present a new reform plan to its eurozone partners" even though their willingness to accommodate it has all but evaporated following Greece’s emphatic rejection of previous bailout terms in Sunday’s referendum.
So what is Greece's plan? Reuters reports that "Greece will submit a new aid proposal to European creditors "maybe" on Wednesday, a senior eurozone official said, with Athens' European partners convening in Brussels for emergency talks. "They say they will submit a new request and outline of proposals maybe tomorrow."
In other words, the bluffing past the deadline tactics adopted by Varoufakis remain. The question is whether Greece has any time left at this point. As a reminder, yesterday we reported that according to a Balyasny managing direct, "We now have another 48 hours of calm before things really start happening", adding that the "situation could then break down as banks stay closed, ATMs will run out of cash Tuesday or Wednesday, uncertainty grows and rioting possible."
So even if Greece cobbles some last minute deal together, one which will likely be prohibitive and have even more adverse terms resulting in public anger, many wonder: is it far too late now?
