Eurozone crisis/Timelines: Difference between revisions
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imported>Nick Gardner (→2011) |
imported>Nick Gardner (→2011) |
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::: European banks are reported to be losing deposits[http://news.businessweek.com/article.asp?documentKey=1376-LRA1YX07SXKZ01-1PRPUL0Q3DG1BUS328VKLBDA6H] | ::: European banks are reported to be losing deposits[http://news.businessweek.com/article.asp?documentKey=1376-LRA1YX07SXKZ01-1PRPUL0Q3DG1BUS328VKLBDA6H] | ||
:::Statements by President Sarkozy and Chancellor Merkel that they consider Greece to be an "integral part of the eurozone" after their telephone conversation with Greek Prime Minister Papandreou[http://www.bbc.co.uk/news/business-14924089] | |||
[[Eurozone crisis/Timelines#2006|return to top]] | [[Eurozone crisis/Timelines#2006|return to top]] |
Revision as of 04:02, 15 September 2011
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
- 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[2].
2009
- January: Anglo Irish Bank nationalised.
- April: Ireland sets up a National Asset Management Agency[3] 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[4]
- 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[5]
- March:
- Portugal's credit rating downgraded from AA to A- by Fitch[6]
- April
- May
- Greece. After prolonged debate[10], Eurogroup/IMF makes available €110 billion to Greece[11] and the Eurogroup launches the €600bn European Financial Stability Facility[12] [13]
- European Central Bank launches its Securities Markets Programme [14] authorising the purchase of qualifying eurozone government bonds.
- August:
- Ireland's credit rating downgraded to AA- by S&P
- IMF/EC review of Greek finances [15]
- 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[16] to provide a legal basis for bailouts
- November:
- 21st
- 22nd
- Ireland's credit rating downgraded to A by S&P
- 23rd
- The Irish government announces its National Recovery Plan 2011-14 [19] - 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%[20]
- 28th
- Agreement is reached on the Ireland rescue package[21] 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
- 3rd
- S&P puts Greece on downgrade watch in response to Eurozone proposals to give preferred status to government bondholders.
- 3rd
- 5th
- Two Eurozone ministers propose the issue of a European bond[24] but the idea is opposed by Germany[25]
- The Eurozone/IMF bailout of Ireland is conditional upon deleveraging of Ireland's banks[26]
- 10th
- Merkel and Sarkozy call for closer union[27]
- 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.
- 5th
2011
- January
- 25th
- First bond issue by the European Financial Stability Facility[28]
- 25th
- March
- 7th
- Greek government bonds downgraded by Moody's to B1 from Ba1, and assigned a negative outlook to the rating.. The report cites conditions attached to eurozone support[29].
- 7th
- April
- 13th
- The European Central Bank raises its discount rate from 1.0 per cent to 1.25 per cent
- 15th
- Irish government bonds downgraded by Moody's to Baa3
- 13th
- May
- 9th
- Greek government bonds downgraded by S&P frm B to BB-
- 9th
- 20th
- Greek government bonds downgraded by Fitch from BB+ to B+
- Portugal to get an IMF/EU 78 billion euro ($110 billion) bailout package[30].
- 20th
- June
- 2nd
- Greece has agreed to 6.4 billion euros (5.6 billion pounds) additional budget cut[31]
- 2nd
- July
- 5th
- Portugal's government bonds downgraded by Moody's to Ba2 from Baa1, with negative outlook[32]
- 5th
- 13th
- The European Central Bank raises its discount rate from 1.25 per cent to 1.5 per cent.
- 13th
- 15th
- Italian government adopts a €48 bn austerity package[33]
- 15th
- The Financial Stability Facility's[35] powers are amended to enable it to help countries not officially in receipt of a bailout and to recapitalise Eurozone banks.
- 24th
- German President questions the legality of ECB bond purchases[38].
- 24th
- September
- 8th
- European Central Bank chief economist Juergen Stark has resigned amid speculation of conflicts within the ECB over its bond-buying programme[42].
- 8th
- 14th
- European banks are reported to be losing deposits[43]
- 14th
- Statements by President Sarkozy and Chancellor Merkel that they consider Greece to be an "integral part of the eurozone" after their telephone conversation with Greek Prime Minister Papandreou[44]