Eurozone crisis/Timelines: Difference between revisions
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imported>Nick Gardner No edit summary |
imported>Nick Gardner No edit summary |
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| Line 37: | Line 37: | ||
: September: | : September: | ||
::Further support to Ireland's Anglo Irish Bank, Allied Irish Banks and Irish Nationwide banks | ::Further support to Ireland's Anglo Irish Bank, Allied Irish Banks and Irish Nationwide banks | ||
: November: | : November: | ||
: 21st | :: 21st | ||
::The Irish government applies for assistance from the IMF and the EU [http://www.irishtimes.com/newspaper/breaking/2010/1121/breaking45.html][http://viewswire.eiu.com/index.asp?layout=VWArticleVW3&article_id=517615836&VWNL=true&rf=0] | :::The Irish government applies for assistance from the IMF and the EU [http://www.irishtimes.com/newspaper/breaking/2010/1121/breaking45.html][http://viewswire.eiu.com/index.asp?layout=VWArticleVW3&article_id=517615836&VWNL=true&rf=0] | ||
: 22nd | :: 22nd | ||
::Ireland's credit rating downgraded to A by S&P | :::Ireland's credit rating downgraded to A by S&P | ||
: 23rd | :: 23rd | ||
::The Irish government announces its National Recovery Plan 2011-14 [http://www.budget.gov.ie/Leaflet.pdf] - 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) | :::The Irish government announces its National Recovery Plan 2011-14 [http://www.budget.gov.ie/Leaflet.pdf] - 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 | :: 26th | ||
:: Bond yields reach new highs: Irish 9%, Portuguese 7%, Spanish 5%[http://www.ft.com/cms/s/0/d0976a74-f8ca-11df-b550-00144feab49a.html#axzz16N3lipf2] | ::: Bond yields reach new highs: Irish 9%, Portuguese 7%, Spanish 5%[http://www.ft.com/cms/s/0/d0976a74-f8ca-11df-b550-00144feab49a.html#axzz16N3lipf2] | ||
: 28th | :: 28th | ||
:: Agreement is reached on the Ireland rescue package[http://www.merrionstreet.ie/wp-content/uploads/2010/11/Government-Statement-on-EU_IMF-programme.pdf] 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 | ::: Agreement is reached on the Ireland rescue package[http://www.merrionstreet.ie/wp-content/uploads/2010/11/Government-Statement-on-EU_IMF-programme.pdf] 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 | :: 30th | ||
:: Italian and Belgian bond yields rise | ::: Italian and Belgian bond yields rise | ||
: December | : December | ||
: 1st | :: 1st | ||
:: The European Central Bank buys Portuguese and Irish bonds[http://www.ft.com/cms/s/0/dce391d4-fe08-11df-853b-00144feab49a.html#axzz172bIo7vY], and there is a fall in their spreads. | ::: The European Central Bank buys Portuguese and Irish bonds[http://www.ft.com/cms/s/0/dce391d4-fe08-11df-853b-00144feab49a.html#axzz172bIo7vY], and there is a fall in their spreads. | ||
::: - and future interventions are to be commensurate with the malfunctioning of markets. | |||
==2011== | ==2011== | ||
Revision as of 05:16, 3 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
- 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
- December
- 1st
- The European Central Bank buys Portuguese and Irish bonds[18], and there is a fall in their spreads.
- - and future interventions are to be commensurate with the malfunctioning of markets.
- 1st