As previously reported by both IMF and Greek sources, Greece now has less than a week before it defaults on its June 5 payment to the IMF, a payment which it can't make simply because it run out of money even before its last "payment" to the IMF on May 12.
To be sure, Greece does have two options to kick the can yet again: one, of course, is to get a deal done in the coming 5 days although that is virtually impossible; the other is to bundle all June payments into the last one for the month, thus buying three additional weeks of time. This outcome now looks almost certain especially since two days ago the Greek government spokesman Sakellaridis said the Greek government denied planning to bundle the IMF payment, which essentially assures it.
However, even if Greece manages to kick the can for the nth time for the past five years, it has a lot of cans left to kick for the remainder of 2015.
So let's say that somehow Greece kicks every can left until the end of 2015. Surely Greece will be out of the woods then, right.
Wrong. Because for Europe's most devastated country, it is only then that the debt nightmare officially begins.
Below are all upcoming Greek debt payments until 2057, also known as the first, ninth and all circles of Greek hell inbetween:
But at least it will have the Euro.