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

 * October: Ireland's  bank guarantees
 * December: Ireland's bank capital injection

2009

 * January: Anglo Irish Bank nationalised
 * 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
 * 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
 * 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
 * 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.