If you're just catching up to it, here are the latest developments in the Greek economic crisis -- and what you need to know. Last updated: August 14, 4:30 p.m. ET (9:30 p.m. GMT).
1) European finance officials on Friday approved a plan for a third international bailout, hours after Greece's parliament voted to accept its terms. The deal is worth roughly 85 billion euros ($95 billion) and must now win approval by some European parliaments. Greece must pay 3.2 billion euros ($3.5 billion) to the European Central Bank by August 20.
2) But there won't be a quick fix for Greece's Depression-like conditions. The European Commission has forecast that Greece's economy could shrink by another 4% this year. Greeks are currently suffering with an unemployment rate above 25% and the highest poverty rate in the European Union.
3) Eurozone nations, along with the ECB and the International Monetary Fund, have already loaned Greece roughly 233 billion euros in rescue financing since 2010.
4) The IMF won't take part in the new bailout unless it includes
5) Greece urgently needed cash to stay afloat and pay its bills. Europe handed over a bridge loan of about seven billion euros ($7.8 billion) on July 20. Most of that was spent immediately on
6) The country's banks and stock exchange were forced to close for a number of weeks to prevent a complete financial meltdown.
The banks are being kept afloat by emergency cash from Europe's central bank, but urgently need a longer term solution. A large chunk of money from the newest bailout will be used to prop up the banks.
When the Athens stock exchange reopened in early August, shares in
7) Greece's parliament voted through
8) Greece's left-wing government campaigned for months against these reforms.