What Euro Group Finance Ministers are deciding tonight.

The following is from Acting Man blog, which I have found extremely accurate over the past weeks, the full report is linked here:

It is clear that the private sector creditors have now arrived at the 'take it or leave it' point. If their most recent offer is again rejected, then there won't be a 'voluntary' deal. This would put Greece into default (instead of a merely 'temporary' default) and this is the crux of the whole song and dance over pretending that the debt exchange is 'voluntary'. Once Greece is officially in default, the public sector lenders such as the ECB and the IMF can no longer credibly maintain that the Greek debt they hold is worth its face value.