Here is the latest on the ongoing situation:
The country's latest proposal will likely include cuts in public spending and some tax increases, though a majority of Greek voters rejected austerity measures in a referendum on July 5. On Wednesday, the country requested a new three-year aid program from Europe.
Meanwhile, the Greek people still face a cash crunch since withdrawals have been limited to 60 euros a day since June 29.
While many ATMs are running out of cash in the country, some Greeks are reportedly using credit cards to buy expensive goods like Apple computers, Bloomberg reports.
The consider goods like those a "safe haven" of sorts while they fear they won't be able to access their cash.
Low medical supplies
And the fear of a medicine shortage looms over the country, which owes more than 1 billion euros to foreign pharmaceutical companies for supplies shipped in the first half of this year, according to the European Federation of Pharmaceutical Industries and Associations.
"Nevertheless, the politics have become so complex and the distrust on both sides so deep, that nothing can be taken for granted," Ireland said. "Unfortunately, what we can expect is more uncertainty and more volatility, heading into the weekend and probably extending into early next week.”
Former economist with the Clinton administration Robert Murphy agreed that a deal keeping Greece in the Eurozone is the most likely outcome, coupled with market volatility and increased uncertainty for the people of Greece and the region.
"Combined with Prime Minister Tsipras' need to salvage some victory in return for more austerity and market reforms, a deal that includes a commitment to debt restructuring appears to be the only path forward now," said Murphy.