Amid all the doom and gloom, one EU official struck a positive note this morning; EU economy commissioner Pierre Moscovici said this morning that it's "not too late" for Greece to strike a deal with its creditors. Hmm.
In an interview with French radio station RTL, he said if its creditors can persuade the government in Athens to back a "yes" vote in next Sunday's referendum on a new bailout package, disaster will be averted.
"We have to have a compromise," he said.
Greece has until tomorrow (when its bailout package also expires) to pay €1.6bn it owes to the International Monetary Fund (IMF). Over the weekend, Prime Minister Alexis Tsipras called for a referendum to vote on a bailout package offered by its creditors, who include the EU, the IMF and the European Central Bank (ECB).
Given the stringent taxation and pensions measures included in the agreement, it's unlikely Greeks will vote "yes".
A bank holiday was called today as the ECB capped the amount of liquidity assistance it is willing to provide for banks. The Athens Stock Exchange will remain closed.
However, Moscovici went on to suggest that even if Greece defaults on its payments, a Grexit isn't the only option.
"We have to continue to talk to each other," he said.