Greece has been locked in talks with European leaders on and off all year, wrangling over the terms of its vital financial bailout. Ahead of a June 30 deadline, Greece submitted a proposed compromise on Monday.
In short – Greece relies on bailout money to keep its weak economy going, but it is opposed to the dramatic spending cuts that European leaders say it must carry out in return for getting the money.
Athens points to the fact that its economy has shrunk by a quarter since the bailouts began as evidence that the cuts being asked of it are too harsh. Greece is also tied with Spain for having the highest youth unemployment rate in the eurozone – the bloc of 19 countries that use the euro. Over half of those under 25 are out of work.
On June 30, Greece has a deadline to repay a roughly $1.8 billion loan to the International Monetary Fund and its current rescue package expires on the same day. Athens and the eurozone leaders are therefore scrambling to make a deal before then, which would allow a final $8.2 billion chunk of bailout money to be released. You can read our longer explainer on the situation here.