Greece just made its €460 million ($495.82 million) repayment to the International Monetary Fund (IMF), according to MarketWatch.

The payment was on time — a relief for the country and its European creditors, after a minister suggested last week that Greece would not pay.

Greece is struggling to negotiate a bailout extension that would unlock €7.2 billion ($7.73 billion) for the country and tide it over for a few months.

Athens managed to make this payment to the IMF, but there's no doubt that funds are running dry, and one of the other major bills due in the next few weeks will cause a default if those bailout funds do not appear.

HSBC thinks that "crunch point" — the bill Greece will not be able to afford — will come May 12 without further bailout help.

A Eurogroup meeting of European finance ministers will take place April 24, by which point Greek Finance Minister Yanis Varoufakis says there must be a preliminary agreement. A delay much longer than that could be a massive problem for the country.

Here's HSBC's brutal timeline for Greece: