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

 * 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

 * January: Anglo Irish Bank nationalised.
 * 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

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:
 * 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
 * May
 * Greece. After prolonged debate, Eurogroup/IMF makes available €110 billion to Greece and the Eurogroup launches the €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
 * 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
 * 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.
 * - and future interventions are to be commensurate with the malfunctioning of markets.


 * 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
 * Merkel and Sarkozy call for closer union
 * Angela Merkel, German chancellor, and Nicolas Sarkozy, France’s president, have called on their eurozone partners to draw a fundamental lesson from its debt crisis and take steps towards political integration.

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2011

 * 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.


 * April
 * 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-


 * 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 euros (5.6 billion pounds) additional budget cut


 * July
 * 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


 * 21st
 * Greece is to get 109 billion euro EZ loan in addition to which the private sector is to make a contribution through an agreement to either swap or roll-over their debt.


 * The 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.


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


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


 * 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 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

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