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Greece gets Sunday deadline

European leaders set a Sunday (July 12) deadline to rescue Greece from its financial dilemma. After a summit in Brussels, Greece’s anti- austerity government was given 5 days to make new economic reform proposal to earn another aid package that would save it from financial ruin and ensure it remains part of European Union.

Prime minister Alexis Tsipiras had been expected to offer economic reforms in exchange for loans as soon as possible. Instead, his government said it would only present a plan on Wednesday. Many economists say that Greece’s debt burden, at almost 180 percent of annual GDP, is unsustainable for a country of its size.

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