Time is running out for Greece. By early April, the Greek government will have a bond payment come due, and there will be no way for the government to make the payment unless it gets a fresh tranche of cash from its creditors, who are in large part euro zone governments.
Not only is the clock ticking but additional pressures on the country continue to rise. This week, the European Central Bank barred Greek banks from increasing their holdings of short-term government debt. Short term debt ("T-bills") has been an important funding valve for the government during this extended period of stress.