Greece’s last chance to unlock more bailout funds

Greece is left with last opportunity to release more bailout funds at a meeting of European leaders and finance ministers.

It is required to reach a conclusion; otherwise Athens will most probably miss a refund to the IMF and move it toward default and probably out of the eurozone.

After five years of strictness, Greece's economy shrank by a third and unemployment almost triple, from 9.1% in January 2009 to 25.4% in February this year. All this drove tens of thousands of Greeks below the poverty line.

After Greek negotiators ended a separate meeting on Saturday with Tsipras, government spokesman Gabriel Sakellaridis said, "Austerity must end.A different Europe is necessary, a different Europe is possible".

In January, the left-wing Syriza Party came into power and announced that it would not accept international demands for budget cuts.

The country's economy is still not stable as the government is struggling over pension reform with its creditors.

Greece is indebted with 320 billion euros, which is nearly 180% of its gross domestic product (GDP). Since the country's debt bills are stacked up, it is running out of money. It is needed that its creditors release a second bailout worth 7.2 billion euros.

Cash is required urgently since Greece needs to pay 1.5 billion euros to the International Monetary Fund on the June 30. And the IMF's managing director Christine Lagarde has said that they will not extend the payment deadline. On the same day, Greece's current European bailout will expire.