It was inevitable that the Greek state would run out of money at the end of the month. There was not enough money to pay for public sector salaries and pensions, or to pay back the International Monetary Fund.
Alexis Tsipras, Greece’s leftist prime minister, would have to announce the nation’s internal and external default, while the banks would remain closed. All that, of course, would be a catastrophe.
... the Russian or Chinese money never came, the Greek economy went back into recession, the people stopped paying taxes; government officials started to feel the ground slipping from beneath their feet. Four months went to waste, and that came at a cost that will be shouldered by the most vulnerable in Greece’s already beleaguered society.