How the drama has played out

A Greek on the island of Crete casting his vote yesterday.
A Greek on the island of Crete casting his vote yesterday.PHOTO: REUTERS

SATURDAY, JUNE 27: Prime Minister Alexis Tsipras calls a referendum on whether or not to accept the terms of the latest round of bailout aid.

Euro zone finance ministers decide to let a Greek rescue plan expire on June 30, effectively ending talks.

The Greeks start withdrawing large sums of money from ATM cash machines.

SUNDAY, JUNE 28: The European Central Bank (ECB) says it will maintain an emergency cash lifeline to Greece but not increase its level, raising the risk of a liquidity crunch.

Greek officials enact capital controls that limit ATM withdrawals by Greeks to €60 (S$90) per day and close banks until July 7.

But pensioners without bank cards can withdraw money from banks and foreign tourists are not subjected to the limit.

TUESDAY, JUNE 30: Mr Tsipras seeks a €30-billion deal with the European Stability Facility to cover state financing needs and restructure Greece's crushing debt.

At midnight, Greece misses the deadline to repay €1.5 billion in loans to the International Monetary Fund (IMF).

FRIDAY, JULY 3: The European Financial Stability Facility declares "an event of default by Greece" after the missed IMF payment. But it decides not to request immediate repayment of its loans.

Mr Tsipras calls for a 30 per cent cut in the Greek debt and a 20-year grace period for the rest. Total Greek debt is €323 billion, or nearly 180 per cent of its gross domestic product.

SATURDAY, JULY 4: Greek Finance Minister Yanis Varoufakis accuses Athens' creditors of terrorism and scare-mongering, denying reports that Greek savers could lose 30 per cent of their deposits to shore up the banks.

SUNDAY, JULY 5: The Greeks go to the polls.


A version of this article appeared in the print edition of The Straits Times on July 06, 2015, with the headline 'How the drama has played out'. Print Edition | Subscribe