Anyone who's followed Greece for the last few years knows it is pretty pointless to talk about deadlines.
If it isn't the 11th hour with Greece, it isn't happening. There are now eight days left until June 5, when the country must pay the International Monetary Fund 300 million euros ($328 million).
Despite cries from various factions within the Athens government that "we won't, we can't or we shouldn't pay" - Greek finance minister Yanis Varoufakis has said they will pay IMF and that a deal has been signed with creditors.
Reports from sources close to the talks suggest a Staff Level Accord (SLA) between the Greek government and its creditors is being crafted today. It could still take up to a month for Greece to get access to some or all of the 7.2 billion euros in the cash disbursement but a SLA may be enough for the European Central Bank to remove its controls on how many T-bills can be issued, currently set at 15 billion euros.
That's the best case scenario.
Sources close to the government now argue that If agreement from the IMF were not required, they would have already closed the deal. Some might argue that keeping the IMF happy and on board is Greece's best way to maintain pressure for debt writedowns, but still.
So for whatever the reason, what if we don't get a deal? I cannot tell you if June 5th constitutes the 11th hour for Greece but what I can tell you is that despite some reports to the contrary, missing that IMF payment is not a default.
The IMF waits for one month before notifying it's board that money hasn't been received and for ratings agency like Stand & Poor's, Fitch and DBRS it is not considered a credit event.
That's the good news.