The latest reports from Brussels despairingly speak of what was thought to be a long drawn-out agreement between Greece and the institutions (we must remember not to call it the Troika) unravelling just hours before the EU heads of government were to be called in to approve it.
It would appear that the IMF was not satisfied with some parts of the agreement that had been reached and wanted to tighten up the sums.
This provoked an immediate verbal onslaught by Greek Prime Minister Tsipras who thundered there was 'somebody' who for obscure reasons did not want the agreement.
As we write, Tsipras and the EU and IMF delegations are meeting with no one offering any predictions about the possible outcome.
We have been so many times near the cliff edge we have come to see that as the new normal, always with some kind of expectation things will come out well at the end.
Conscious of the disaster not just Greece but Europe as a whole if no deal is reached, we all sort of expect things to be patched up at the very end, perhaps even at five minutes to midnight.
But to understand all that is involved, means to understand how fragile this is.
Even if Tsipras and the institutions come to an agreement, the Greek premier has some very particular hoops to pass through before the Greeks can say they are out of the woods and set about facing the future.
If Greece and the creditors agree something by tonight (still not a given), the immediate challenge for Tsipras will be at home, where he'll have to get the Greek parliament to back it.
Despite Syriza's election promises, what's on the table now means that Tsipras has more or less capitulated completely to the demands of the creditors. It's not likely to go down well.
With a majority of only 11 MPs, Tsipras will seek approval from the 200 MPs that form the Central Committee of Syriza. According to Greek press reports, 10-40 Syriza MPs are likely to revolt.
Syriza's junior coalition partner, the Independent Greeks, have also indicated that they could withdraw from the government. Tsipras could be left having to rely on the support of the opposition New Democracy. This in turn would open up the question of a referendum or new elections.
As Greece's largest creditor nation, the vote in the German Bundestag will also be key. With the Bundestag breaking for summer recess on Friday July 3rd, the vote will either have to be taken on the 29th or 30th of June - not allowing German MPs much time to consider the measures.
A Bild report has suggested that a number of MPs from Angela Merkel's CDU/CSU party are opposed a rushed vote on any new agreement with Greece. CDU MP Olav Gutting is quoted as saying, "I don't consider it possible to approve anything on Monday or Tuesday."
There is a possibility, then, that an emergency sitting of the Bundestag may have to be called. And while any deal backed by Chancellor Angela Merkel is likely to get through the Bundestag - it's worth noting that with frustration towards Athens climaxing during the past five months, the breakdown in trust will surely come back to haunt Athens sooner or later - most likely when the discussion returns to an (inevitable) third bailout for Greece.
As Open Europe said, "Ultimately, the bitter note of the talks, the complete breakdown in communication on both sides, and the failure to address the fundamental problem of Greek debt, can only serve as a prelude to what's to come even if an 11th hour deal is secured approved, and the IMF is paid back. It will only be a matter of time until we are back at where we started."
Ultimately, this long-drawn-out saga has shown up, time after time, the Greek refusal to move with the times and substitute a modern market economy mindset for an outmoded one based on government employment, lax tax collecting and cosy clientelar relations.
The Greek people, by choosing as it did, deliberately chose to close its eyes not just to reality but also to the future. It is indeed a pity to see such a people with such a history choose suffering and put the rest of Europe to such a strain and losses, but there it is.
Unless the unthinkable happens, that's what we are facing.