The Greek referendum result means voters have overwhelmingly rejected a proposed deal with creditors. Matthew Partridge examines how the situation arose, and sets out the approaching deadlines.
Sunday, 25 January
Syriza win a victory in the Greek general election. Although short of a majority, they form a coalition with the Independent Greeks the next day.
Friday, 20 February
Greece and the eurozone agree a temporary loan that will extend the bailout for four months. In return they agree to drop plans to reverse certain austerity measures, such as the sale of a port.
Friday, 5 June
The International Monetary Fund (IMF) agrees to postpone the date of its payment to the end of June, so that a deal can be reached.
Thursday, 25 July
The IMF, EU and European Central Bank (ECB) – the so-called ‘Troika’ – submit a formal offer to the Greek government. (This is the agreement that Greeks will end up voting on.)
Saturday, 27 June
With everyone expecting the Greek PM to approve a stopgap deal with the Troika, Alexis Tsipras shocks the financial world by announcing a referendum on the agreement, and revealing that he will campaign for a “no”.
Sunday, 28 June
The Greek parliament approves a referendum. The troika approaches Greek PM Alexis Tsipras with a revised deal, which is rejected. The ECB refuses to extent liquidity assistance to Greek banks, forcing capital controls and shutting of stock exchange.
Tuesday, 30 June
Greece misses its IMF loan payment of €1.55bn and goes “into arrears”. Although unprecedented for a developed country, this is not classed by credit agencies as a default, since it doesn’t involve private debts.
Wednesday, 1 July
Greece sends a letter to its creditors offering a slightly revised version of the 28 July deal. However, creditors refuse talks before the vote. Tsipras defies expectations that he would cancel the vote, and instead makes TV appearance calling for a ‘no’ vote.
Thursday, 2 July
The IMF publishes a report suggesting that Greece may need substantial debt relief. Christine Lagarde, managing director of the IMF, also suggests it will not accept any deal that doesn’t involve debt relief.
Sunday, 5 July
Greeks go to the polls to vote on whether to accept the deal. Contrary to polls showing a tight contest, the results show a landslide victory for the ‘no’ camp, which gets 61% of the vote. Finance minister Yanis Varoufakis resigns after the result is known.
Wednesday, 8 July
Greece will sell €2bn of six-month Treasury bills to raise enough money to repay the €2bn due on Friday. While it is expected to complete the sale, the interest rates will indicate lenders’ confidence in Athens.
Friday, 10 July
Greece needs to pay €2bn to pay the holders of Treasury bills. Failure to do so would constitute a formal default. The Greek government suggests that this will be the deadline for extending liquidity assistance before banks are shut, or it is forced to take other measures (such as depositor ‘haircuts’).
Monday, 13 July
If no deal is agreed, Greece is expected to miss a payment of around €450m to the IMF (IMF payments are measured in their own parallel currency: “special drawing rights”).
Friday, 17 July
Greece must either repay or persuade lenders to renew another €1bn of Treasury bills.
Monday, 20 July
Greece is due to repay €3.6bn to the ECB. Failure to do this will almost certainly lead to the withdrawal of ‘emergency liquidity assistance’ (ELA) funding, causing the banking system to collapse, and/or Greece leaving the eurozone.