Eurozone crisis/Timelines: Difference between revisions
Jump to navigation
Jump to search
imported>Nick Gardner (→2010) |
imported>Nick Gardner (→2010) |
||
Line 56: | Line 56: | ||
: 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] [http://www.ft.com/cms/s/0/dce391d4-fe08-11df-853b-00144feab49a.html#axzz1AZtddOu0], and there is a fall in their spreads. | ||
::: - and future interventions are to be commensurate with the malfunctioning of markets. | ::: - and future interventions are to be commensurate with the malfunctioning of markets. | ||
Revision as of 03:54, 12 January 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
- 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
- Moodys downgrades Spain to Aa1
- October
- EU agree to make changes to the Lisbon Treaty[13] 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 [16] - 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%[17]
- 28th
- Agreement is reached on the Ireland rescue package[18] 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[21] but the idea is opposed by Germany[22]
- The Eurozone/IMF bailout of Ireland is conditional upon deleveraging of Ireland's banks[23]
- 10th
- Merkel and Sarkozy call for closer union[24]
- 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