The deadline is now July 3. That's when the European Union's finance ministers meet again, and by then the Greek parliament should have passed legislation mandating ?28 billion of spending cuts and tax rises over the next five years.
If it goes through, each of the 10 million Greeks will ultimately be about ?2,800 ($4,000) poorer.
That's why they're rioting in the street these days in Athens. But unless the European finance ministers approve the plan, Greece will not get the next ?12 billion ($17 billion) installment of the current EU-International Monetary Fund bailout package in July, and it will default on its gigantic debt.