The argument therefore boiled down to the reform proposals. For months the gap between the two sides was enormous but it had started to close. Then, last Friday, Greek Prime Minister Alexis Tsipras broke off talks and called a referendum. Essentially the question is this: should Greece agree to the proposals for reforms being demanded by creditors to release the bail-out funds - yes or no?
But surely the reforms hadn't been agreed?
No, they hadn't. And as soon as Tsipras called the vote, Greece's creditors pulled the deal. As well, the eurozone bailout ended on Tuesday. So Greeks are being asked to vote on proposals that no longer exist to release money from a bailout that has expired.
Doesn't that mean this is a total waste of time?
It depends who you ask. The Greek Government would say the referendum is on its general negotiating stance. If Greece says "no", so the theory goes, the Government will have won a mandate to resume the talks and strike a better deal.
But there are two sides to every negotiation. Why does Tsipras think he will get a better deal if there is a No vote?
That is an excellent question.
So this referendum is not about whether Greece should keep the euro?
No. Well, maybe. The Greek Government is publicly adamant that it is not about the euro. In a blog post explaining why he was recommending a No vote, Greek Finance Minister Yanis Varoufakis wrote: "The current impasse is due to this choice by the creditors and not by the Greek Government discontinuing the negotiations or any Greek thoughts of Grexit and devaluation. Greece's place in the eurozone and in the European Union is non-negotiable."
The word "euro" does not appear on the ballot paper.
But politicians in other states take a different view. The Slovak Finance Minister, Peter Kazimir, spoke for many when he said: "Greece's banks might not reopen with the euro as the currency in case the referendum on Sunday ends with a No."
Why is he raising the ante like that?
If the Greek people can be persuaded that this is a referendum about the euro - contrary to the question being asked - they are less likely to vote No. A recent poll suggests 74 per cent want to remain in the euro no matter what.
If they vote Yes, the ruling Syriza party will be in a difficult situation. Varoufakis said yesterday that he would resign. Tsipras might have to follow suit.
A new Greek government might be more willing to strike a deal with its creditors, and European politicians, relieved not to be dealing with Syriza any longer, might cut Greece some more slack.
But, apparently, this isn't a vote on eurozone membership. So a No vote won't mean Greece will be out?
It could well do. If the Greeks vote No it will entrench Syriza's position. The creditors found it hard enough to do a deal before the referendum; they might find it even harder afterwards.
The longer things drag on, the longer capital controls stay in place and the closer Greece gets to running out of money.
If it has to start paying public sector salaries and pensions with IOUs (which without a deal, could be necessary by the end of this month) then Greece will have started on the path of a eurozone exit.
Wouldn't that be a disaster for the Greek Government?
Not necessarily. There's a theory that the Syriza Government has come to the conclusion that the only way to achieve the debt relief the country so clearly needs is to leave the euro.
If that's the case, it has a problem because the public strongly supports continuing euro membership. The Government therefore would have to engineer a situation in which it looks like Greece was pushed rather than jumped.
So, the European politicians could be playing right into Tsipras' hands?
Possibly. It's only a theory. No one really knows for sure what Syriza's true motivations are, including, quite possibly, Syriza.
How are the Greeks likely to vote?
It's hard to say. One poll suggested 57 per cent of Greeks were inclined to vote No and 30 per cent would vote Yes (with 13 per cent undecided). But that poll was done before the banks shut on Monday.
A more recent poll by the same company showed the gap narrowing - 46 per cent in favour of a No vote and 37 per cent in the Yes camp (with 17 per cent undecided).
A different poll conducted by a French bank on Wednesday suggested the opposite result, 47 per cent saying they planned to vote Yes and 43 per cent leaning towards a No.
Of course, the polls could be wildly wrong. But at this stage it looks as though the vote will be close. A lot depends on what Greeks feel they are voting for - and that is far from clear-cut.
