Greek point of no return could come on July 20

THE Greek crisis has an air of the endgame about it. Eurozone finance ministers failed on June 18 to strike agreement on a new bailout. International Monetary Fund (IMF) boss Christine Lagarde and European Central Bank (ECB) board member Benoit Coeure have made discouraging comments.

In the gloom, it may look like the denouement will come at next Monday's hastily arranged emergency summit of eurozone leaders.

But the real point of no return will probably come later, because the most likely trigger for Greek entry into a financial no man's land is neither the failure to repay official creditors nor the imposition of capital controls, should the latter become a necessity as Greek deposits fly out of the sector.