ANALYSIS

"Sunday is not a final deadline. There are creative ways to find bridge financing (including addressing a large July 20 payment due to the ECB) so that even without a deal, it will still be possible to pull Greece back from the brink in coming weeks. The primary impediment to a deal at this stage is policy, not financing," writes CFR's Robert Kahn in a blog post.

"Saving Greece was always going to be difficult, given its previous fiscal excesses and weak economy. But last year, it seemed that success was within reach—until the clash of narratives derailed the progress the two sides had made. This highlights a larger problem: the European Union lacks a unifying narrative strong enough to prevent the emergence of conflicting—and highly destructive—narratives," writes Daniel Gros in Project Syndicate.

"Greece is sui generis and, by and large, the author of its own predicament. Yet it remains a vital piece in the geopolitical stability of the continent. And whatever the central bankers and finance ministers say, a euro without Greece would be a much weakened enterprise — closer to a fixed exchange rate regime than a monetary union. Of course, holding on to Greece would be costly. Losing it would be seriously expensive," writes Philip Stephens in the Financial Times.