Greece's new left-wing government had asked for a haircut to its debt – which currently stands at around 175 percent of GDP – but it was refused by countries like Germany, the main driver of unpopular austerity measures in Greece.
This has caused relations between Greece and its creditors to deteriorate further, with a number of public spats between Greek Finance Minister, Yanis Varoufakis, and his German counterpart, Wolfgang Schaeuble.
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With Greece's apparent reluctance to implement reforms and cut spending irksome to its creditors, Daiwa's Kuenzel speculated that ECB President Mario Draghi may have put added pressure on Greece at the crisis talks overnight.
"It is possible that Draghi managed to drive home to Tsipras exactly how severe the consequences of a Greek payment default would be on financial stability and the economy, a point the government has so far shown no apparent awareness of," Kuenzel said.
ING's Brezski was left scratching his head over whether the lack of progress in Greece was part of a larger game plan.
"Incompetent lunatics or masterly strategists? In the first weeks after the Greek elections, this question kept many market participants busy. Almost two months after the elections, many questions are still unanswered," he said.
What is certain, he said, is that "time is still running out for Greece" and that it needed to decide whether it wants another bailout – something sure to anger the Greek government and people.
But it might not have much of a choice, given the looming repayment deadlines.
"(These) will be hard to fulfill without external help. Of course, the Greek government can (and will) try to fulfill its financial obligations with stopgap measures. However, this hardly looks like a sustainable strategy," Brezski said.
"Consequently, further down the road, Greece will need to make up its mind whether it wants a new bailout program."