According to Bloomberg, Greece's deadline for deciding whether or not to default on their debt may really be July 20. Greece probably has until late July to make an agreement with creditors. The International Monetary Fund should tell the European Central Bank to to shut off the liquidity of Greece's banks. The Greek government and its creditors are likely to come up with a deal on the list of reforms by then. Greek banks rely on the liquidity from the European Central Bank so that they can avoid finical collapses. This liquidity is currently provided by the Emergency Liquidity Assistance from authorities operating out of Frankfurt. In any case, if there is a sovereign default, the banks, who are the major share-holders of Greece's debt, will probably be ruled insolvent based on their balance sheet falling sharply. Once Greece agrees to some reform program with creditors, then it should put the country back on track and have the ability to make it through the rest of 2015.