Greece will most likely default on its May debt maturities because the EU/IMF rescue package won't be ready in time (if ever).
This is because the rescue requires parliamentary approval by every EZ member state, including Germany. The NYT reports that the German opposition will block any fast-track approval of the package, and there may also be a constitutional challenge.
D-day is May 19th, when Greece faces a EUR 8.5 billion debt maturity. It's possible that the IMF could bridge the gap, but I don't think that the IMF has ever granted a bridge loan in advance of a full "agreement".
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