Analysis: Time running out on Athens' troika two-step

"They have to put the best possible gloss on the situation because things are not looking good," Hugo Brady of the Centre for European Reform said of the troika's dilemma. "The alternative is the truth, and at this stage that would be to acknowledge that Greece is heading for default. … It's apocalyptic times … We haven't had a big ruction in the last couple of weeks and yet the politics seem to be coming undone like a fraying rope. No one knows what the event is going to be that kicks it all off, with Greece lurching toward default."