The latest episode in Greece's long-running economic drama is coming to a head. Since the victory of the radical-left Syriza party in the election of late January, Greece's creditors and the new government headed by Alexis Tsipras have been exchanging threats. A resolution of some kind must occur in June, and sooner rather than later in the month. It could still be a disastrous falling-out that leads to Greece defaulting on official loans, imposing capital controls, freezing deposits and tumbling out of the euro. But as time and money run out, the concentrating of minds on both sides seems likely to bring a deal. Mr Tsipras is the one under most pressure. A recent payment to the imf of €750m ($825m) was made only by drawing down a special account Greece held at the fund. Next month the government is due to pay the imf double that amount, starting with €3oom on June 5th. It may not be able to: a government minister said on May 24th that the money wasn't there. Even if the first instalment can be rustled together, the government will be hard-pressed to find the €3oom due on June 12th and the €6oom due on the 16th; a further €3oom is due on the 19th. Redemptions of €6.7 billion of bonds held by the European Central Bank (ecb) loom in July and August-an impossibility without more help from the country's creditors.
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