TIGHTENING UP: Greece is trying to make €11.5 billion in spending cuts that are required for the country to receive international funding to protect it from insolvency.
MORE STILL: Greece has been operating on two multibillion-dollar international bailouts from other European countries and the International Monetary Fund since its debt crisis came broke in 2010. But despite taking a series of harsh austerity measures that slashed salaries and pensions, on top of repeated tax hikes, Greece has fallen short of what had been agreed to as far as terms of the bailout.
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TO THE BONE: Greece’s debt stands at more than €300 billion, and the economy is struggling through a fifth year of recession with unemployment at above 23 percent. The country has fallen behind on austerity measures demanded in exchange for the rescue funds, fueling impatience in Germany — the largest single contributor to the bailouts — and other European countries. Many believe that Greece will have to leave the euro monetary union.
