Nine days in the Greek debt crisis
(ATHENS) - Greece, and the eurozone as a whole, is in limbo as its leaders grapple with conditions for financial aid ahead of a popular referendum on the issue on Sunday.
Greek Prime Minister Alexis Tsipras told creditors Wednesday that he would accept their terms but only on several conditions.
The country has shut banks and imposed capital controls after talks with international creditors to resolve its debt crisis broke down over the weekend, leading it to miss an IMF loan payment deadline, the first time that has happened with an industrialised country.
The situation remains murky and Greece is at risk of not paying back more loans, which might force it to withdraw from the 19-nation eurozone.
Here is a brief look at the recent financial and political drama in Greece.
Saturday, June 27: Tsipras surprises creditors by declaring that a referendum will be held on whether or not to accept the stringent terms of the latest round of bailout aid. "The people must decide free of any blackmail," Tsipras tells the nation in an address at 1:00 am local time (2200 GMT).
The Eurogroup of eurozone finance ministers agrees later that day that the present Greek rescue programme should expire as planned on June 30, effectively ending negotiations between the European Union (EU) and Athens on more aid. Greeks begin to withdraw large sums of money from cash machines.
Sunday, June 28: The European Central Bank (ECB) says it will continue to extend an emergency cash lifeline to Greece, but not increase the level of its help to banks, raising the risk of a liquidity crunch.
The International Monetary Fund (IMF) says it stands ready to "provide assistance as needed."
The Greek government enacts capital controls that limits bank machine withdrawals by Greeks to 60 euros ($65) per day and closes banks until July 7.
Pensioners without bank cards are allowed to withdraw money however, and foreign tourists are not subjected to the limit.
Monday, June 29: Global stock markets slump and European Commission head Jean-Claude Juncker says he feels "betrayed" by the Greek government's actions. Tsipras says he doubts Juncker's "sincerity."
German Chancellor Angela Merkel says she is ready for more talks with Greece after the referendum, which initial polls suggest could see Greeks reject the terms of a bailout.
Tuesday, June 30: Juncker floats a "last-minute" solution for an accord, while Greek Finance Minister Yanis Varoufakis confirms the government will not reimburse the 1.5 billion euros in IMF loans before the deadline.
Tsipras seeks a two-year deal with the European Stability Mechanism (ESM) to cover the government's financing needs and restructure the country's crushing debt.
Wednesday, July 1: After Greece misses the IMF deadline, the government sends an "amended" proposal to its creditors.
German Finance Minister Wolfgang Schaeuble responds by saying that "Greece must clarify its position on what it wants" before bailout talks can resume.
Merkel warns against reaching a compromise at any price that could weaken the EU, and says it can wait for the results of the referendum, but French President Francois Holland says an "agreement must come immediately."
Sunday, July 5: Scheduled Greek referendum on proposed terms of a hypothetical third bailout by international creditors.