Greece could be grinding toward a deal

'The Greek side wanted the issue that Greek debt is unsustainable to be tackled in any new agreement," wrote Christian Odendahl, chief economist of the London-based Centre for European Reform. "Since Greece now needs technically a new program, and Germany insists on the IMF's participation, new money can only be lent to Greece from the IMF and the ESM (European Stability Mechanism) if the debt of Greece is sustainable over the medium to long term."

However, Odendahl added, "Since that is not the case, according to the IMF, the issue of debt restructuring for Greece needs to be addressed now in one way or another."