It's payback time for Greece. Despite securing a four-month lifeline on its loans, the bills are already piling up. On top of this month's repayments to the International Monetary Fund worth a total of 1.5 billion euros, the country faces debt obligations amounting to 22.5 billion euros ($24.8 billion) for 2015.
And there are mounting concerns that, in spite of the extension, Greece still won't be able to pay its way.
A snap election on January 25th led to a new government headed by left-wing Syriza party, which has pledged to make a break from the past austerity measures imposed on it by its lenders. Five years down the line, and Greece is still tied to two loan programs worth 240 billion euros overseen by the so-called Troika of the European Commission, the European Central Bank and the IMF. The bailout, that was due to expire at the end of last year, has been extended twice to give time to Greece's international creditors to negotiate with the new government.
State revenues, key to helping Greece repay its loans, dropped dramatically in January as people stopped paying taxes in the hope of new legislation. Banks, meanwhile, have been hit by a big wave of capital flight as depositors took money abroad in fear of a "Grexit".
Meanwhile, Spain's finance minister, Luis de Guindos, said this week that a third bailout on top of the 240 billion euros already doled out is inevitable.
"It is absolutely clear from a market's perspective that Greece will have to continue relying on official sector financing if it likes to stay in the euro. The new government may try different ways to raise tax revenue etc. than previous governments, but investors have heard the same song over and again", David Schnautz, interest rates strategist for Commerzbank in New York told CNBC.