Despite multiple bailouts and austerity scheme, Greece has remained unstable for nearly five years. As the nation’s national debt continues to climb at an alarming rate, the country is a the brink of complete financial collapse.
With unemployment topping 25% and tax revenues nowhere near ample, the economy cannot bear the crushing $327 billion dollar debt, the New York Times reports.
The International Monetary Fund, World Bank, European Central Bank, and United states directed efforts to assist the country’s government from defaulting. If the country did in fact default, it would only pull the European Union into another financial crisis.
With a payment of $763 million due on May 12 to the IMF on its last loan to Greece, all eyes on are on the leaders and whether any agreements can be reached before the country must formally announce default.