Friday 05 June 2015 6:42 am

Hanging on the telephone: Greek Prime Minister Alexis Tsipras arranges call with Vladimir Putin

As the chances of Greece ever unlocking that €7.2bn emergency loan look increasingly bleak, the country's embattled Prime Minister, Alexis Tsipras, has taken a step towards a decidedly nuclear option.

The FT reported that Tsipras has arranged a call with Russian President Vladimir Putin later today.

Apparently there isn't much information on what will be discussed – but lest we forget, the two leaders have already met, back in April, when they got together ostensibly to "boost ties" – but also (apparently) discussed the small matter of a €5bn loan.

Given Europe's current views of Russia, it's unlikely to endear the likes of European Commission President Jean-Claude Juncker, with whom Tsipras had an awkward-sounding dinner on Wednesday night.

As Open Europe policy analyst Nina Schick told City A.M. at the time of Tsipras' last conversation with Putin, "on substance there is little Tsipras and Putin can offer one another".

“[But] symbolically, the summit sends a message to the EU, and is about both Putin and Tsipras posturing as though they have other options. Greece’s aim is to create something it hopes to use as a bargaining chip in its ongoing negotiations with its creditors.”

Considering Greece's current stalemate with its creditors over primary budget surplus targets, "posturing" may be the best weapon in its arsenal.