Greece and game of chicken

Last night Euro group finance ministers have concluded the meeting without any resolution as expected, saying that substantial progress has been made, however more time required to agree on a comprehensive deal and bailout money would be given to Greece only after successful review of the program.

Greece on other hand, again warned that its coffer is running dry and Government is having enormous trouble to shore up cash.

It seems like both parties are engaged in a game of chicken and Euro group indicates they won't blink first.

• However, Greece has cleared due of IMF worth € 0.75 billion, however some doubts that it might have difficulty later the month as pension and salaries come due.
  
  
• Domestic default doesn't like to be the case as it would be political suicide for Greece for paying IMF and faulting salaries.
  
  
• Current drama indicates that negotiation once again will move to 11^th hour before any deal gets signed.

Major focus is now on Greece's due to ECB worth around € 7 billion during June/July. Some kind of complex arrangement can be made between Euro group lenders and Greece as paying up ECB's debt would allow ECB to buy Greek bonds from secondary market under current public sector purchase program.

Money might be given to Greece prior to ECB payment with which it can clear the dues and distribute the debt over the years, so that overall burden remains low.