Eurozone crisis/Timelines

''Credit ratings: Standard & Poor (S&P) and Fitch Investment grades are  AAA, AA, A and BBB;  speculative ("junk") grades are BB and B Moodys Investment grades are Aaa, Aa, A and Baa;  speculative ("junk") grades are Ba and B

2006

 * October: Italy's credit rating downgraded from A+ from AA- by S&P

2008
Crash of 2008
 * September: The Irish government announces that it will guarantee all deposits in Irish banks - assuming a liability of €440 billion: more than twice Ireland’s gross domestic product.

2009
Recession of 2009
 * January: Anglo Irish Bank nationalised.
 * The Vienna Initiative


 * April: Ireland sets up a National Asset Management Agency to operate as a bad bank which acquires toxic debt from banks in return for  government bonds.


 * March: Ireland's credit rating downgraded from AAA to AA+ by S&P


 * July: European Central Bank implements its covered bond purchase programme


 * December: Greece's credit rating downgraded from A- to BBB+ by S&P
 * Greek budget passed - (aims to reduce the budget deficit to 9 per cent of GDP).

2010

 * January:
 * Ireland's public debt rises to 65 per cent of GDP
 * Greece's credit rating downgraded to A- by S&P
 * February
 * Germany's central bank president, Axel Weber, decides to resign from the European Central Bank
 * March:
 * Greek government introduces a further austerity package
 * Portugal's credit rating downgraded from AA to A- by Fitch
 * April
 * Greece's credit rating downgraded to BB+ by S&P
 * Spain's credit rating downgraded from AA+ to AA by S&P
 * Portugal's credit rating downgraded from A+ to A- by S&P
 * Greece agrees to introduce a €24 billion austerity package
 * May
 * Greek riots. Violent protests in Athens
 * Greek bailout. After prolonged debate, The eurozone and the IMF make available €110 billion to Greece
 * The eurozone launches a €600bn European Financial Stability Facility
 * European Central Bank launches its Securities Markets Programme authorising the purchase of qualifying eurozone government bonds.
 * June
 * 73 percent of Bloomberg subscribers expect a Greek default
 * July
 * Seven banks fail EU stress tests
 * August:
 * Ireland's credit rating downgraded to AA- by S&P
 * IMF/EC review of Greek finances
 * September:
 * Further support to Ireland's Anglo Irish Bank, Allied Irish Banks and Irish Nationwide banks
 * Moodys downgrades Spain to Aa1
 * October
 * Draft Greek budget aiming to slash its budget deficit to 7.0 per cent of gross domestic product
 * EU agree to make changes to the Lisbon Treaty to provide a legal basis for bailouts
 * November:
 * 21st
 * The Irish government applies for assistance from the IMF and the EU
 * 22nd
 * Ireland's credit rating downgraded to A by S&P
 * 23rd
 * The Irish government announces its National Recovery Plan 2011-14 - an additional €15 billion package of measures intended  to reduce the budget deficit to below 3% of GDP by 2014 (comprising  ⅔ expenditure reductions and ⅓ revenue increases)
 * 26th
 * Bond yields reach new highs: Irish 9%, Portuguese 7%, Spanish 5%
 * 28th
 * Agreement is reached on the Ireland rescue package An €85 billion loan facility  of which €67½ billion is to come from outside Ireland. €35 billion to support the banking system; (€10 billion for the immediate recapitalisation and the remaining €25 billion will be provided on a contingency basis) and  up to €50 billion to cover the financing of the Irish government's budget
 * 30th
 * Italian and Belgian bond yields rise


 * December
 * 1st
 * The European Central Bank buys Portuguese and Irish bonds, and there is a fall in their spreads.


 * 3rd
 * S&P puts Greece on downgrade watch in response to Eurozone proposals to give preferred status to government bondholders.


 * 5th
 * Two Eurozone ministers propose the issue of a European bond but the idea is opposed by Germany
 * The Eurozone/IMF bailout of Ireland is conditional upon deleveraging of Ireland's banks
 * 10th
 * Angela Merkel, German chancellor, and Nicolas Sarkozy, France’s president, call on their eurozone partners to draw a fundamental lesson from its debt crisis and take steps towards political integration.

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January

 * 25th
 * First bond issue by the European Commission using the European Financial Stability Facility

March

 * 7th
 * Greek government bonds are downgraded by Moody's to B1 from Ba1, and assigned a negative outlook to the rating.. The report cites conditions attached to eurozone support.


 * 23rd
 * Portuguese Prime Minister Jose Socrates resigns after failing to win support for austerity measures.

April

 * 2nd
 * Spain's Prime Minister Zapatero announces his resignation as leader of the Socialist Party and his intention not to stand at the forthcoming general election


 * 13th
 * The European Central Bank raises its discount rate from 1.0 per cent to 1.25 per cent
 * 15th
 * Irish government bonds are downgraded by Moody's to Baa3

May

 * 9th
 * Greek government bonds are downgraded by S&P frm B to BB-
 * Eurozone Finance Ministers discuss "soft restructuring" of Greek debt


 * 20th
 * Greek government bonds are downgraded by Fitch from BB+ to B+
 * Portugal to get an IMF/EU 78 billion euro ($110 billion) bailout package.

June

 * 2nd
 * Greece has agreed to €6.4 billion additional budget cut


 * 5th
 * Portugal holds a general election. The ruling Socialist Party is defeated by the Social Democratic Party under Pedro Passos Coelho.

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July

 * 1st
 * Morroco votes on a referendum on constitutional reforms proposed by King Mohammed VI


 * 5th
 * Portugal's government bonds are downgraded by Moody's to Ba2 from Baa1, with negative outlook


 * 13th
 * The European Central Bank raises its discount rate from 1.25 per cent to 1.5 per cent.


 * 15th
 * Italian government adopts a €48 bn austerity package
 * The European Banking Authority annnounces that eight banks have failed their stress tests and 16 are in the danger zone.


 * 21st
 * Greece is to get a €109 billion loan (subject to the agreement of national parliaments), in addition to which the private sector is to make a contribution and agree to either swap or roll-over some Greek government debt.
 * The European Financial Stability Facility's  powers are amended  to enable it  to help countries not officially in receipt of a bailout and to recapitalise Eurozone banks.


 * 29th
 * Spain. Prime Minister Zapatero calls a general election for 20th November.

August

 * 7th
 * The ECB buys Spanish and Italian government bonds


 * 16th
 * President Sarkozy and Chancellor Merkel call for a "true European economic government".


 * 23rd
 * Spain. Government and opposition parties agree to introduce a constitutional cap on public debt before elections in November.


 * 24th
 * German President questions the legality of ECB bond purchases.


 * 30th
 * ECB bond purchases reduce the price of Spanish and Italian government bonds by 1 per cent

September

 * 7th
 * Germany's Federal Constitutional Court rule that the 2010 bailout for Greece,  and subsequent aid granted through the Financial Stability Facility fund is legal, but that future bailouts would need approval from the German parliament's budget committee.


 * 8th
 * European Central Bank chief economist Juergen Stark resigns amid speculation of conflicts within the ECB over its bond-buying programme.
 * 14th
 * European President Jose Manuel Barroso announces that the Commission will soon present options for the introduction of eurozone joint bonds
 * French banks Credit Agricole SA and Societe Generale are downgraded by credit rating agency Moody's from Aa1 to Aa2 and Aa2 to Aa3 respectively because of their exposure to Greek debt.
 * European banks are reported to be losing deposits
 * European Commission issues a €5 billion 10 year bond to finance a loan for Portugal


 * 15th
 * Five central banks have announced a co-ordinated move to try to help the financial system


 * 19th
 * Italian government bonds are downgraded from A+ to A by S&P.


 * 20th
 * The Greek government and the EU/IMF/ECB review team fail to reach an agreement which would allow for the release of the next tranche of bailout funds.


 * 23rd
 * Reuters reports that, according to the Greek press, Greek Finance Minister Evangelos Venizelos told the Greek parliament yesterday that he sees three scenarios for Greece, including a debt restructuring with 50% write downs for Greek bondholders. The government quickly moved to deny the reports.
 * European Central Bank Governing Council member Klaas Knot is quoted as saying that the possibility of a Greek government default can no longer be excluded


 * 24th
 * The IMF and the World Bank undertake to "act collectively to restore confidence and financial stability, and rekindle global growth.
 * A G20 Finance Ministers meeting in Washington is reported to have started to draw up a €3 trillion rescue plan to save Greece and the eurozone from collapse.


 * 26th
 * Germany's Finance Minister Wolfgang Schaeuble is reported to have said that the euro region has no intention to increase the size of the European Financial Stability Facility ( from the current €440 billion.


 * 29th
 * Germany's Bundestag parliament votes 523 to 85 to approve the July 21 proposal to increase the scope of the European Financial Stability Facility.

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October

 * 6th
 * The European Central Bank decides to launch a €40 billion covered bond purchase programme.


 * 10th
 * Belgium, France and Luxembourg have reached an agreement to rescue the Dexia bank. The Belgian government will buy the bank’s division in Belgium for €4bn. Dexia is also to get state guarantees of up to €90bn in order to secure borrowing over the next ten years, with Belgium providing 60.5% of these guarantees, France 36.5% and Luxembourg 3%.


 * 13th
 * Slovakia is the last of the eurozone countries to give parliamentary approval to the July 21 proposal to expand the EFSF.


 * 18th
 * Spain's bond rating cut  to A1, from Aa2 by Moody's, the third of the major agencies to act in recent weeks and taking it a notch below the ratings of Standard & Poor's and Fitch.


 * 20th
 * France and Germany disagree about increasing the amount of the EFSF


 * 26th
 * EU summit agrees a new rescue package, including a 50 percent write-off of the Greek government's debt, a further €130 billion loan,  the recapitalisation of  eurozone banks, and an increase in the capacity of the European Financial Stability Facility, (EU Summit Statement)


 * 31st
 * Prime Minister Papandreou announces that Greece is to hold a referendum to decide whether to accept new bailout terms

November

 * 1st
 * Mario Draghi, former Governor of the Banca d’Italia, takes up his duties as President of the European Central Bank


 * 2nd
 * Emergency summit. Greek Prime Minister Papandreou agrees that the subject of the referendum should be whether Greece should remain within the eurozone, rather than his proposed question concerning the rescue package.


 * 3rd
 * Papandreou abandons the plan to hold a referendum.
 * European Central Bank President Draghi announces a reduction in the bank's discount rate by 25 basis points.


 * 5th
 * Leaders of Greece's political parties agree to form a coalition government under a new Prime Minister


 * 7th
 * EU finance commisioner calls for signatures to a written acceptance of the terms of the Greek rescue package


 * 8th
 * Sylvio Berlusconi agrees to resign after parliament approves a budget law that includes reforms demanded by the EU, being unable to command a parliamentary majority.


 * 10th
 * Lucas Papademos becomes Prime Minister of Greece, and is expected to accept the terms of the EU rescue.


 * 12th
 * Italian parliament votes to approve the Financial Stability Law, signifying acceptance of the requirements recorded in Berlusconi's letter of intent.


 * 14th
 * Mario Monti is appointed Prime Minister of Italy.


 * 16th
 * Mario Monti announces the formation of a government that does not include any elected politicians


 * 23rd
 * Letter to EU Presidents by Greek New Democracy Party leader Antonis Samaras confirms his party's acceptance of agreed fiscal adjustment targets


 * 29th
 * Finance Ministers agree on the terms of the leverage extension of the EFSF’s capacity

December

 * 1st
 * Ireland renews its Bank Guarantee Scheme


 * 5th
 * Merkel and Sarkozy propose new European Union treaty.


 * Standard & Poor's credit rating agency places its long-term sovereign ratings on 15 members of the eurozone on "CreditWatch with negative implications", citing continuing disagreements among European policy makers on how to tackle the immediate market confidence crisis.


 * 6th
 * Belgium swears in a new government, ending 541 days of political deadlock.


 * 8th
 * The European Central Bank reduces its discount rates by 0.25 percent.


 * The European Central Bank offers to lend unlimited amounts to eurozone banks for a period of three years at an interest rate of 1 per cent.


 * Ratings On 15 Spanish Banks Placed On CreditWatch Negative Following Similar Rating Action On Spain - by Standard & Poors


 * 9th
 * A European Union Summit agrees a fiscal compact[.


 * 16th
 * Belgium. Moody's downgrades Belgium's credit ratings from Aa1 to Aa3, negative outlook.

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January

 * 12th
 * Spain and Italy successfully sell about €22bn of government debt at sharply lower costs than at previous auctions
 * 13th
 * Standard and Poor's downgrade Cyprus, Italy, Portugal, and Spain by two notches, and  Austria, France, Malta, Slovakia, and Slovenia, by one notch
 * Greece. Talks on a debt swap by private creditors, seen as crucial to avoid an unruly Greek default, broke up without agreement.
 * 16th
 * Standard and Poor's downgrade the European Financial Stability Facility
 * 23rd
 * Euro zone finance ministers reject an offer by private creditors to write down the nominal value of their Greek debt by 50 percent in return for new longer-term bonds paying an interest rate of 4 percent.

February

 * 2nd
 * Survey results show that the eurozone credit crunch intensified in the 4th quarter of 2011


 * 13th
 * Moody's reduces sovereign debt ratings of selected EU countries including Italy, Spain and Portugal.  "in order to reflect their susceptibility to the growing financial and macroeconomic risks emanating from the euro area crisis" and assigns negative prospects to Austria, France and the UK.


 * 20th
 * Greece to receive €130 billion loan and €100 billion debt write-off.

March

 * 2nd
 * Twenty five EU leaders sign German-model fiscal treaty