There were worrying signs of a damaging stalemate at talks between Greece and its creditors, as Angela Merkel played down chances of a deal on Thursday.
We still haven't made the necessary progress; in some places it looks like we're even going backwards.
Greek Prime Minister Alexis Tsipras was again unable to agree with the country’s lenders, and there was no breakthrough at a meeting of European finance ministers.
There was a glimmer of hope when Greece presented new proposals on Thursday, but the IMF has yet to offer a judgement.
The IMF said earlier it will not be extending the deadline for Greece to pay the €1.6bn (£1.1bn) it owes. Should Greece default, an exit from the Euro and even the EU are more than possible outcomes.
To avoid default, Greece needs to get €7.2bn in bailout funds, but to unlock those requires agreement with the troika on reforms. It’s a familiar story, and, tonight at least, a similar, frustrating outcome.
Finance ministers have met four times this week already and will meet again on Saturday.