So Greece is currently taking some serious strain, I think we would all agree. It’s difficult to know where to start but the gist of the crisis stems from Greece’s inability to pay back the around $1.7 billion they owe the International Monetary Fund.

As you can imagine the people of Greece are fired up and are voicing their discontent in large numbers. Here’s the Guardian describing the above video:

Thousands of Greeks rally in Athens on Tuesday in support of a Yes vote in the referendum to decide on a deal with the European Union. Greece will go to the polls on Sunday to vote on whether to accept a bailout package from Brussels which would save the country from defaulting on their loans. Police estimate over 20,000 protestors turned out to show their support for the reforms package.

It looks like they might get their wish too, with the latest reports saying that Prime Minister Alexis Tsipras looks set to accept such a deal with Brussels:

That story alluded to in the above tweet is from FT.com and carries this:

Alexis Tsipras will accept all his bailout creditors’ conditions that were on the table this weekend with only a handful of minor changes, according to a letter the Greek prime minister sent late Tuesday night and obtained by the Financial Times.

The two-page letter, sent to the heads of the European Commission, International Monetary Fund and European Central Bank, elaborates on Tuesday’s surprise request for an extension of Greece’s now-expired bailout and for a new, third €29.1bn rescue…

Although the bailout’s expiry at midnight Tuesday night means the extension is no longer on the table, Mr Tsipras’ new letter could serve as the basis of a new bailout in the coming days.

Looks like there might be a glimmer of hope for Greece, although the long-term financial future of the country still remains perilous.

[sources:guardian&ft]