Calling Time: Creditors Demand An Answer From Athens

A WEEK ago, it was Greece that caused consternation. The Greek government decided to defer a payment due to the International Monetary Fund even though Alexis Tsipras, the Greek prime minister (pictured at left, with Jean-Claude Juncker, president of the European Commission), had earlier indicated that it would be paid. That was an ominous sign for the likelihood of a deal in the protracted negotiations between cash-strapped Greece and its creditors, the IMF and the euro-zone countries represented by the European Commission. They are unwilling to release urgently needed bail-out money unless the Greek government signs up to unpalatable reforms.