Greece Crisis: Everything you need to know

Greece Crisis Everything you need to know

Tensions are ratcheting up in Greece and the remainder of Europe ahead of the midnight CET (6 pm ET) expiration of the bailout deal offered to the debt-hit country by its creditors.

Greece in crisis: Full coverage

Greece is 323 billion euros ($352.7 billion) in debt to other European countries, the European Central Bank and the International Monetary Fund (IMF) — collectively known as the “troika.”

The sum is equivalent to more than 175% of the country’s GDP.

Germany is owed the biggest slice of debt, (56 billion euros), followed by France and Italy.

Watch: Where did all the money go?

Biggest debt default by country

A spokesman for Greece’s finance minister told CNN Tuesday it would not make the next debt payment of 160 billion euros ($1.7 billion) today, meaning it will be the biggest debt default by a country ever.

Prime Minister Alexis Tsipras’ office later released a statement saying Greece had asked for a two year bailout from Europe’s rescue fund, the European Stability Mechanism (ESM).




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