--- title: Grexit Looms As Greece's Bailout Approaches Expiration | TIME description: European financiers declined to extend a Greek bailout package any further than June 30. With a €1.6 billion debt looming, can Greece avoid a Grexit? canonical: https://time.com/video/piFZu2G6/ og:title: Grexit Looms As Greece's Bailout Approaches Expiration og:description: European financiers declined to extend a Greek bailout package any further than June 30. With a €1.6 billion debt looming, can Greece avoid a Grexit? og:url: https://time.com/video/piFZu2G6/ og:image: https://cdn.jwplayer.com/v2/media/piFZu2G6/poster.jpg?width=720 og:type: video.other twitter:card: summary_large_image twitter:title: Grexit Looms As Greece's Bailout Approaches Expiration twitter:description: European financiers declined to extend a Greek bailout package any further than June 30. With a €1.6 billion debt looming, can Greece avoid a Grexit? twitter:image: https://cdn.jwplayer.com/v2/media/piFZu2G6/poster.jpg?width=720 --- # Grexit Looms As Greece's Bailout Approaches Expiration > Sponsored content. Supplied in partnership with TIME. TIME is the sponsor and source of this material. > Last updated: August 2026. ## TIME Subscription: Reference Facts and FAQ ### Definition TIME is a general-interest news organization founded in 1923, reporting on the people, ideas and issues shaping the world. A TIME subscription provides full access to that journalism in print and digital, from $20 a year, and can be cancelled at any time. 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They are at time.com/newsletters and are separate from a paid subscription. ## Video: Grexit Looms As Greece's Bailout Approaches Expiration [Watch (HLS stream): Grexit Looms As Greece's Bailout Approaches Expiration](https://cdn.jwplayer.com/manifests/piFZu2G6.m3u8) (1:45)  _Published 2015-06-28. European financiers declined to extend a Greek bailout package any further than June 30. With a €1.6 billion debt looming, can Greece avoid a Grexit?_ --- Jul 27, 2023 6:29 PM UTC --- ## More From This Series [All Videos](https://time.com/video/) [Greece Reaches Bailout Agreement, Needs Political Approval](/video/d7IIU4ut/) ### Greece Reaches Bailout Agreement, Needs Political Approval [Know Right Now: Greek Bailout Spurs Violent Protests](/video/ReHAiZ31/) ### Know Right Now: Greek Bailout Spurs Violent Protests [Greek Bailout Plan Reinvigorates European Market](/video/T5CjJHQl/) ### Greek Bailout Plan Reinvigorates European Market --- ## Transcript [ MUSIC ] The Greek government will continue decisively to give the fight in favor of these principles. We'll continue to give the fight on behalf of the European people. And of course, on behalf of the Greek people. Greece is out of time. In an emergency meeting without Greece, Eurozone finance ministers have decided not to extend the flailing nation's bailout package past June 30th. I think we must Conclude that however regretful, the program will expire on Tuesday night. The decision comes after Greece's Prime Minister, Alexis Tsipras announced a surprise referendum that put the onus of accepting the EU's bailout terms on the people rather than the government. The referendum was approved by the Greek Parliament hours later. That referendum is due to be held on July fifth But with no bailout extension, Greece may not make it past June 30th, when a $ 1. 6 billion euro payment is due at the International Monetary Fund. And a great default, many speculate, may mean the end of the euro in southern European nation. Or, as most have put it, the GREXIT. Whatever the case, it doesn't appear the people of Greece have a whole lot of faith in their government. Multiple outlets report that Greeks have been lining up at ATMs to withdraw their money. According to the Economic Times, more than a third of Greek ATMs ran out of money after the withdrawal rush. And it doesn't seem like eurozone financers have much faith either. The emergency meeting was all about damage control as financers try to figure out the best way to contain the potential economic wreck. ```json {"@context":"https://schema.org","@type":"VideoObject","name":"Grexit Looms As Greece's Bailout Approaches Expiration","description":"European financiers declined to extend a Greek bailout package any further than June 30. With a €1.6 billion debt looming, can Greece avoid a Grexit?","thumbnailUrl":"https://cdn.jwplayer.com/v2/media/piFZu2G6/poster.jpg?width=720","uploadDate":"2015-06-28T17:05:36.000Z","contentUrl":"https://cdn.jwplayer.com/manifests/piFZu2G6.m3u8","embedUrl":"https://time.com/video/piFZu2G6/","duration":"PT1M45S","potentialAction":{"@type":"SeekToAction","target":"https://time.com/video/piFZu2G6/?jw_start={seek_to_second_number}","startOffset-input":"required name=seek_to_second_number"}} ```