Deal or no deal, Greece still faces bankruptcy

04-May (CNBC) — Despite hopes that Greece and its lenders will come to some agreement in May, not everyone is convinced that a deal – which could unleash a last tranche of much-needed bailout aid — can resolve the country’s looming debt problem.

Talks over reforms Greece has to make in return for aid continued this weekend after months of wrangling which have led to growing fears that the country could default, or even exit the euro zone – a scenario dubbed a “Grexit.”

“I think the end of the road is still bankruptcy for Greece,” Steen Jakobsen, chief economist at Saxo Bank, told CNBC Monday. “Whether it becomes a Grexit is a different story but I think they’re just playing for time.”

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