Greece's lenders are sending a team to Athens to inspect a government austerity plan they want implemented in exchange for aid.
Here is a timeline of economic events since Prime Minister George Papandreou first sealed a bailout deal in May 2010:
Continue Reading Below
May 2, 2010 - Papandreou says has sealed a deal with the EU and IMF, opening the door for a bailout in return for extra budget cuts of 30 billion euros ($43 billion) over three years.
-- Three-year package amounts to 110 billion euros and represents first rescue of a euro zone member.
May 4/5 - Public sector workers stage 48-hour nationwide strike. Three people are killed when a bank is set on fire.
May 6 - Greek parliament approves austerity bill.
May 9 - IMF unanimously approves its part of rescue loans, with 5.5 billion euros being provided immediately.
May 10 - Global policymakers install emergency safety net worth about $1 trillion to bolster international financial markets and prevent Greek crisis from damaging the euro.
-- consists of 440 billion euros in guarantees from euro zone states, plus 60 billion euros in European debt instruments. EU finance ministers say IMF will contribute a further 250 billion euros.
May 18 - Greece receives 14.5 billion euro ($18.7 billion) loan from EU and can repay immediate debt.
July 7 - Greek parliament passes pension reform, key requirement of the EU/IMF deal, which includes raising women's retirement age from 60 to match men at 65.
Aug. 5 - EU and IMF inspectors give Greece green light for fresh 9 billion euro tranche from bailout.
September - IMF says Greece is ahead of schedule in economic reform.
Jan. 2011 - Fitch becomes third ratings agency to cut Greek debt to "junk" status after S&P and Moody's.
Feb. 11 - EU and IMF inspectors approve a fresh tranche of 15 billion euros of bailout funds.
May 11 - EU and IMF inspectors arrive in Athens to press Greece to shore up finances and to determine if country will get fifth aid tranche of 12 billion euros.
May 23 - Greece unveils series of privatisations, part of its goal to raise 50 billion euros by 2015 to pay down debt.
June 1 - Moody's slashes Greece's credit rating by three notches to move it deeper into junk territory.
June 8 - Greece agrees to 6.48 billion euros of extra austerity measures for 2011 and savings up to 2015 to cut deficits and to keep getting aid.
June 13 - Greece gets the lowest credit rating in the world after S&P downgrades it by three notches, to CCC from B.
June 17 - Papandreou reshuffles cabinet, appoints Evangelos Venizelos, Papandreou's main party rival, as new finance minister. The new cabinet wins confidence vote on June 22.
June 28 - Main labour unions launch 48-hour strike.
June 29 - Papandreou wins parliamentary majority in favour of five-year austerity plan by 155 votes to 138, clearing major hurdle to winning access to new international funding.
-- Euro zone finance ministers approve release of next tranche of emergency loans on July 2, saying 12 billion euros would be paid by July 15.
-- Police clash with protesters outside parliament. About 100 people are injured.
July 8 - IMF approves disbursement of about 3.2 billion euros to help Greece pay debts due this month. This tranche brings IMF disbursements to about 17.4 billion euros.
July 21 - Euro zone leaders agree on second rescue package with extra 109 billion euros ($157 billion) of government money, plus contribution by private sector bondholders estimated to total as much as 50 billion euros by mid-2014.
Sept. 21 - Greece adopts more austerity measures, including cutting high pensions by 20 percent. Puts 30,000 civil servants on road to redundancy and extends real estate tax.
-- IMF says crisis has increased European banks' exposure by 300 billion euros, and they need to recapitalise to ensure they can weather potential losses.
Sept. 22 - Greek workers stage 24-hour strike forcing transport system to standstill.
Sept. 27 - Greece passes an unpopular property tax to persuade IMF and EU it deserves the next 8-billion-euro tranche it needs to pay October salaries and avoid bankruptcy.
-- Using tear-gas, police disperse 1,000 protesters in Syntagma Square, the epicentre of anti-austerity protests.
Sept 29 - The "troika" team of inspectors, which had threatened to cut aid if Athens did not move faster on austerity, are to begin talks on a plan demanded by lenders to deepen budget cuts and raise taxes.