As Greece enters a new week with no imminent signs of securing a deal with creditors to unlock much-needed aid, talk that a debt default is "inevitable" has grown.
News emerged on Monday that Greece came so close to defaulting on a 750-million-euro ($855-million) repayment to the International Monetary Fund (IMF) last week that Greek Prime Minister, Alexis Tsipras, warned that the repayment could not be made without help from the European Union.
Concerns that IMF debt will not be repaid sparked a sell-off in Greek bonds, with the yield on two-year bonds surged more than 250 basis points to 23.68 percent.
"A default event by Greece is inevitable," Carl B. Weinberg, chief economist at High Frequency Economics, wrote in a note published Monday.
Euro zone governments are willing to lend Athens cash but only in return for strict reforms such as pension cuts, which the anti-austerity government says is a "red-line" that cannot be crossed. The stalemate has dragged on for weeks, hurting the country's economy, business sentiment and raising the prospect of a debt default and Greece's possible withdrawal from the single currency club.