The seemingly endless Greek debt crisis lurches towards another crunch moment on July 20th. Eurozone finance ministers will decide whether to release around $8 billion in bailout money to the government in Athens .
The ministers and Greece’s other creditors insist that before Athens gets any more cash, it must toe the line on austerity. But the Greek government is digging in and refusing to impose the spending cuts and reforms that have been demanded.
The Greek finance minister claims he can meet a big debt repayment next week with or without the bailout cash. But a payment five times bigger falls due on the 20th July. If Greece hasn’t reached agreement with its creditors by then, that really could bring this interminable crisis to a climax.
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