Is this the real crunch time for Greece?

Given the number of “crunch times”, “end-games” and “abysses” that Greece has faced over the last two years, it would be easy to dismiss the latest speculation that the tragedy is about to reach its “final act” as yet another false dusk. But with no sign of the country’s desperate economic situation improving and Germany and other countries insisting that they won’t allow Greece to water down its deficit reduction plans, our view that the country will leave the euro by the end of this year still looks perfectly plausible.