Eurozone crisis/Timelines: Difference between revisions
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imported>Nick Gardner (→2009) |
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 | ||
::Eurogroup/IMF makes available €110 billion to Greece[http://www.consilium.europa.eu//uedocs/cms_data/docs/pressdata/en/misc/114130.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] | ||
: 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 06:19, 28 November 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 [10]
- September:
- Further support to Ireland's Anglo Irish Bank, Allied Irish Banks and Irish Nationwide banks
- October:
- November:
- 21st
- The Irish government applies for assistance from the IMF and the EU [11][12] - approximately Eur 80bn through the IMF and the EU, supplemented by bilateral loans from the UK and Sweden. The EU component of the fund will be financed through the European Financial Stabilisation Mechanism (EFSM), which includes all EU members, the UK is likely to be the biggest single contributor
- 22nd
- Ireland's credit rating downgraded to A by S&P
- 23rd
- The Irish government announces its National Recovery Plan 2011-14 [13] - 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%[14]