The authors are Reuters Breakingviews columnists. The opinions expressed are their own.
In an epic late-night talk show appearance, Greek Finance Minister Yanis Varoufakis said his government was nearing a cash-for-reforms deal with its euro zone partners and the International Monetary Fund that would help it meet debt repayments next month.
Euro zone finance deputies are due to hold talks today on how to rescue Greece but appear to have little concrete to work on with Athens yet to produce a new economic reform programme after the first one was declared full of holes.
Currency concerns in the central banking world have come to the fore again.
Sweden cut interest rates further into negative territory out of the blue last week, fearing its strong currency will engender deflation. The Swiss National Bank said it would aim to weaken what it sees as a "significantly overvalued" franc. And the Bank of England flagged the risk that sterling could strengthen further and leave inflation below target for longer.
The prospect of dramatic European Central Bank action – coupled with the deflationary threat posed by a plunge in the price of oil and the pain it inflicts on oil producing countries – is putting the financial system under growing stress.