In April Greece looked to be entering the final act, for this chapter at least. It seems likely that Greece will default by mid-May if an agreement cannot be reached with its creditors. The desperation of the government is starting to show, which seems likely to lead to an agreement in the coming weeks, even if it is only another short-term solution. The market is pricing for this outcome to a large degree, so if an agreement is not reached we would expect some volatility.