'Greekment' After Marathon Talks In Brussels

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The IMF’s current Greek bailout program ends in March 2016. Greece had earlier missed a deadline to repay a 1.5 billion euro ($1.67 billion) loan to the IMF, making it the first developed country to default on a loan from the institution.

An earlier four-page “compromise” proposal leaked Sunday also outlined a plan for a temporary “Grexit,” allowing the country to restructure its debt. As an alternative to the possible “time-out,” Greece has reportedly been asked to vote in sweeping changes — including streamlining of VAT, and pension and tax reforms — by Wednesday night, in exchange for a fresh bailout.

article sources:
Greek Crisis
Euro leaps as Greece reaches deal with creditors

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