The creditors are concocting a bridge-financing package designed to prevent Greece from defaulting to the European Central Bank (ECB) on July 20th. But money will not flow until reforms have gone through the Greek parliament (a first batch was passed on July 15th) and the details of the bail-out are settled. Money will also be made available to recapitalise the banks, but the extent of their capital shortfall will only be clear after the summer. The ECB can meanwhile keep the banks afloat with emergency financing, but capital controls will remain. Given the possibility that losses will be imposed on creditors, the incentives to put money into Greek banks are non-existent. The IMF increased its estimate of Greece’s financing needs by €25 billion after only two weeks of banking limbo; as today’s misery drags on, the hole will deepen.