CLEAN : Greek finance minister says eyeing new debt deal by end May

The transcript discusses the importance of Germany and Greece in Europe, highlighting the need for proposals to address various issues such as reform, humanitarian crises, and investment levels. It emphasizes the urgency of reaching a sensible agreement by the end of May, considering the maturity of ECB bonds in June and July. The idea of a European social contract is proposed as a solution for Greece and other nations.

What does the speaker refer to as a 'European social contract'?

Why is the end of May considered a critical time for dealing with the crisis in Europe?