Countdown to Grexit: Here are the key dates that could save Greece before bailout deal expires

 
Billy Ehrenberg
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The next few days are crucial for Greece, as the country seeks to reach a deal with creditors over reforms to unlock bailout funds to save its embattled economy.

The Eurogroup of finance ministers met last week in Luxembourg - a meeting considered to be the best opportunity for a deal. Talks broke down however.

Then came warnings from the European Central Bank (ECB) that Greece's banks would be unable to open on Monday after €2bn was reportedly withdrawn in one week alone. The UK has stepped up contingency plans in case Greece leaves the Eurozone, showing how serious the situation has become.

On Friday there was a wider meeting of representatives from all 28 EU countries, so the requisite parties will still be in town.

The emergency summit scheduled for Monday, when Prime Minister Alexis Tsipras will meet his German counterpart Angela Merkel and French President Francois Hollande, is when things could start moving.

22 June

Meeting between Tspiras and the heads of the European Commission, European Central Bank and International Monetary Fund, ahead of a summit of Eurozone leaders later in the day aimed at reaching a deal over debt talks. There was optimism that a deal could be struck.

25-26 June

During the EU summit on 25-26 June, another exit – Brexit – may dominate the agenda. If no deal has been made by the summit it may be too late, although last-ditch salvage operation may not be out of the question.

30 June

On 30 June Greece’s (already extended) bailout deal expires. This could leave the country without money, with a crippled banking sector and owing the IMF €1.5bn (£1.1bn). Greece has made it abundantly clear it won’t be able to pay the IMF without a new agreement, for which the EU wants reforms, which is what this is all about anyway. This could be the day the house comes tumbling down.

July

In July, the waters are untested. Greece will be without the security of a bailout programme and would be left with little hope. By 20 June the game could be up: this is the date Greece owes more money to the ECB. Defaulting with the central bank would be huge, and it is hard to see Greece staying in the Eurozone in such a scenario.

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