Eurozone crisis/Timelines: Difference between revisions
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imported>Nick Gardner (→2010) |
imported>Nick Gardner (→2010) |
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::Portugal's credit rating downgraded from A+ to A- by S&P[http://ftalphaville.ft.com/blog/2010/04/27/213326/sp-cuts-portugals-ratings-two-notches-to-a/] | ::Portugal's credit rating downgraded from A+ to A- by S&P[http://ftalphaville.ft.com/blog/2010/04/27/213326/sp-cuts-portugals-ratings-two-notches-to-a/] | ||
: May | : May | ||
:: After prolonged debate[http://www.economist.com/blogs/charlemagne/2010/05/euro_crisis_2], Eurogroup/IMF makes available €110 billion to Greece[http://www.consilium.europa.eu//uedocs/cms_data/docs/pressdata/en/misc/114130.pdf] and the Eurogroup launches the €600bn European Financial Stability Facility[http://www.consilium.europa.eu/uedocs/cms_data/docs/pressdata/en/ecofin/114324.pdf] | :: After prolonged debate[http://www.economist.com/blogs/charlemagne/2010/05/euro_crisis_2], Eurogroup/IMF makes available €110 billion to Greece[http://www.consilium.europa.eu//uedocs/cms_data/docs/pressdata/en/misc/114130.pdf] and the Eurogroup launches the €600bn European Financial Stability Facility[http://www.consilium.europa.eu/uedocs/cms_data/docs/pressdata/en/ecofin/114324.pdf] | ||
:: European Central Bank launches its Securities Markets Programme [http://www.ecb.int/press/pr/date/2010/html/pr100510.en.html] | |||
: August: | : August: | ||
::Ireland's credit rating downgraded to AA- by S&P | ::Ireland's credit rating downgraded to AA- by S&P | ||
Revision as of 02:13, 2 December 2010
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[1]
2007
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[2]
- 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[3]
- March:
- Portugal's credit rating downgraded from AA to A- by Fitch[4]
- April
- May
- August:
- Ireland's credit rating downgraded to AA- by S&P
- IMF/EC review of Greek finances [12]
- September:
- Further support to Ireland's Anglo Irish Bank, Allied Irish Banks and Irish Nationwide banks
- October:
- November:
- 21st
- 22nd
- Ireland's credit rating downgraded to A by S&P
- 23rd
- The Irish government announces its National Recovery Plan 2011-14 [15] - 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%[16]
- 28th
- Agreement is reached on the Ireland rescue package[17] 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