Greece will make its next 750 million euro payment to its creditors tomorrow

Today, May 11, the Greek government is reporting that it will make a 750 million euro payment due to the International Monetary Fund tomorrow, May 12, by the deadline. That leaves Greece facing a terrifying payment schedule of another 1.5 billion euros to the IMF in June, 3 billion euros to the European Central Bank in July, and another 3 billion euros to the ECB in August.

Greece and Germany dig in

Germany and its austerity allies in the Netherlands and Finland have fired warning shots designed to head off any effort by the new Greek government of Alex Tsipras to reverse budget cuts and other measures initially put in place to win the 240 billion euro ($270 billion) bailout program for Greece.

Greece moves closer to setting off another euro crisis but how wide will it be this time?

Today’s vote in the Greek parliament ended with the government short of the votes it needed to avoid elections in January. The opposition Syriza party, which wants to renegotiate the bailout, leads in opinion polls.

Which is important since Syriza opposes the austerity measures imposed by the country’s creditors in exchange for a $305 billion bailout package.