As Greece slips into recession, fears of the country running out of money are mounting. The 11th May Eurogroup meeting was meant to be a key turning point, but progress is slow- moving. Although Greece successfully paid the IMF €750mm last Tuesday, Athens still owes around €25bn through the end of 2015. With ECB support via the Emergency Liquidity Assistant (ELA), a “Grexit” is less likely - - even in the event of a Greek Default.However, the ECB will weight up the political and financial costs of their support and may reconsider if the repayment to the ECB itself is missed. There are a range of possible scenarios if Greece misses its summer repayments, and while there is less contagion risk than in the past, investors could see volatility spread into other European markets.