Eurozone crisis/Timelines: Difference between revisions

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imported>Nick Gardner
imported>Nick Gardner
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

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A timeline (or several) relating to Eurozone crisis.

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
Greece's credit rating downgraded to BB+ by S&P[5]
Spain's credit rating downgraded from AA+ to AA by S&P[6]
Portugal's credit rating downgraded from A+ to A- by S&P[7]
May
After prolonged debate[8], Eurogroup/IMF makes available €110 billion to Greece[9] and the Eurogroup launches the €600bn European Financial Stability Facility[10]
European Central Bank launches its Securities Markets Programme [11]
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
The Irish government applies for assistance from the IMF and the EU [14][15]
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
1st
The European Central Bank buys Portuguese and Irish bonds[19] [20], 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[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.

2011