Eurozone crisis/Timelines: Difference between revisions

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imported>Nick Gardner
imported>Nick Gardner
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:: 3rd
:: 3rd
::: S&P puts Greece on downgrade watch[http://www.eurointelligence.com/index.php?id=581&tx_ttnews[tt_news]=2974&tx_ttnews[backPid]=901&cHash=2dbe3c9fb7]
::: S&P puts Greece on downgrade watch[http://www.dailytimes.com.pk/default.asp?page=2010\12\04\story_4-12-2010_pg5_31] in response to Eurozone proposals to give preferred status to gocvernment bondholders.


==2011==
==2011==

Revision as of 03:42, 5 December 2010

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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
November:
21st
The Irish government applies for assistance from the IMF and the EU [13][14]
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.
3rd
S&P puts Greece on downgrade watch[19] in response to Eurozone proposals to give preferred status to gocvernment bondholders.

2011