Timeline in 2 minutes: Last-ditch days in a Greek debt crisis

Time is finally running out for the Greek government to come to an agreement with its creditors - or default on its massive €320 billion (S$481.67 billion) debt and potentially be forced out of the European monetary union.

Here are the key dates to watch out for:

Wednesday, June 24: Eurozone finance ministers meeting

To thresh out an aid-for-reforms deal between Athens and its creditors at the European Union and International Monetary Fund (IMF).

Thursday, June 25: European summit of heads of government

Very, very last chance to get a political deal on Greece but much too late to get any aid disbursed by June 30 given the need to get national parliaments involved.

Friday, June 26: European summit continues

Tuesday, June 30: Deadline for payment of €1.5 billion to the IMF

Greece probably cannot make payment without help from its creditors. If a political deal is reached, Greece could get some kind of concession like a 30-day grace period.

Wednesday, July 1: European Central Bank (ECB) decision on Emergency Liquidity Assistance.

This is a crucial moment if no deal is reached as ECB could stop increasing its emergency funding for Greek banks. Could prompt Greek government to establish capital controls.

Monday, July 20 - Greek payment to ECB due (€700m coupon, €3.5 billion principal)

Seen as the final deadline to a Greek debt default if no deal is reached.

A look back: How Greece's debt tragedy unfolded

Jan 1, 2001: Greece joins the eurozone. Credit rating agency S&P raises its sovereign rating to 'A' from 'A-'. Country begins to borrow heavily on European bond markets at record low interest rates that make government debt seem affordable. Debt stands at 148 billion euros.

Nov 17, 2004: Greece's rating is cut to 'A'. Debt is now 161 billion euros, almost matching the country's nominal GDP at 162 billion euros.

2008-2009: The financial crisis hits. The new socialist government reveals that deficits are much larger than previously stated (Oct 20, 2009). Greece is €323 billion in debt - more than twice the amount when it joined the euro.

April 27, 2010: S&P cuts Greece's rating to 'BB+' - speculative-grade.

May 2010: Greece agrees to the first bailout package, which calls for aggressive measures to cut public spending and structural reform measures.

July 27, 2011: Rating cut to 'CC', outlook negative. S&P considers that a restructuring of Greek government debt amounts to a selective default.

Dec 29, 2014: Greek government collapses after failing to elect a new president, amid unrest linked to austerity measures.

Jan 25, 2015: Coalition of the Radical Left wins legislative elections. A new government is formed under Prime Minister Alexis Tsipras that promises an end to austerity and seeks to regenotiate the terms of the bailout.

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