Greece’s banking system was crippled after the country defaulted on its debt, leaving its taxpayers holding the bag.
But the country is now on the brink of insolvency, with creditors threatening to force it to take drastic measures.
Here are the key points you need the world to know about Greece’s bailout.
Greece owes about $1.2 trillion to international lenders and the IMF.
Its banks are closed.
The Greek government says it has no funds to pay creditors.
Its government says its banks have enough reserves to meet the €2.7 trillion it needs.
The country has only $1 billion in cash.
The International Monetary Fund has said it has the “moral and legal right” to issue bonds.
Greek lawmakers voted last week to demand an extension of the rescue.
It’s expected the European Central Bank will start printing €1 trillion ($1.8 trillion) in emergency bonds on Tuesday.
The bailout deal has been criticized for being too lenient on Greece’s creditors, who include the IMF and the European Commission.
Greece says it needs €1.3 trillion.
Greece is facing a €6 billion bailout from Russia, which wants the country to repay some of the €1 billion it owes.
Greece needs to raise $5.4 billion ($7.1 billion) from other creditors to cover the next 18 months.
Greece has no plan to repay its debts and has no idea when its money will run out.
Greece’s debt has risen to over €16 trillion ($19 trillion).
The IMF has warned that Greece’s banks could go bust within days if it does not comply with its terms.
The EU’s Financial Stability Board has given Greece one year to repay the IMF loans.
The United States has already extended Greece’s emergency bailout to December 15.
Greek authorities have said they expect the debt to be paid in the coming months.