NEWS

In Under 2 Minutes, Here’s What You Need to Know About Greece’s Financial Crisis

Alex Anderson | Melissa Quinn • July 1, 2015

The world has its eyes on Greece right now, as the country’s financial crisis has hit a peak after more than five years of instability.

Greece is on the brink of defaulting on a $1.8 billion payment to the International Monetary Fund, which was due at midnight on Wednesday. On Sunday, July 5, Greek voters will vote on a referendum to determine whether the country will continue with austerity measures or move to reissue its old currency. Should Greek voters vote in favor of the latter, it would effectively separate Greece from the eurozone.

Greece’s banks closed Monday for six business days, and the country limited the amount of money citizens could withdraw from ATMs.

For those watching the events unfold in Greece, here’s what you need to know, explained in under two minutes.

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