With time running out to keep Greece solvent, deadlines have come and gone with no resolution yet.

Now, the EU is talking of handing Greece a kind of take-it-or-leave-it last proposal. But Nicholas Spiro, managing director of Spiro Sovereign Risk, a consultancy that focuses on the risks countries face based on whether or not they can pay their debt, says resolution may not be the point.

“There is an inescapable feeling right now that is what is being demanded of Greece is not only politically and economically undoable, but that the creditors know this,” says Spiro. “One has to really wonder if the deal that is being put to Greece is, in fact, an attempt to undermine the government.”

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