Eurozone crisis/Timelines

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Revision as of 06:00, 14 August 2011 by imported>Nick Gardner (→‎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
Greece. After prolonged debate[8], Eurogroup/IMF makes available €110 billion to Greece[9] and the Eurogroup launches the €600bn European Financial Stability Facility[10] [11]
European Central Bank launches its Securities Markets Programme [12]

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August:
Ireland's credit rating downgraded to AA- by S&P
IMF/EC review of Greek finances [13]
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[14] to provide a legal basis for bailouts
November:
21st
The Irish government applies for assistance from the IMF and the EU [15][16]
22nd
Ireland's credit rating downgraded to A by S&P
23rd
The Irish government announces its National Recovery Plan 2011-14 [17] - 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%[18]
28th
Agreement is reached on the Ireland rescue package[19] 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[20] [21], 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[22] but the idea is opposed by Germany[23]
The Eurozone/IMF bailout of Ireland is conditional upon deleveraging of Ireland's banks[24]
10th
Merkel and Sarkozy call for closer union[25]
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.

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2011

January
25th
First bond issue by the European Financial Stability Facility[26]
March
7th
Greek government bonds downgraded by Moody's to B1 from Ba1, and assigned a negative outlook to the rating.. The report cites conditions attached to eurozone support[27].
April
15th
Irish government bonds downgraded by Moody's to Baa3
May
9th
Greek government bonds downgraded by S&P frm B to BB-
20th
Greek government bonds downgraded by Fitch from BB+ to B+
Portugal to get an IMF/EU 78 billion euro ($110 billion) bailout package[28].
June
2nd
Greece has agreed to 6.4 billion euros (5.6 billion pounds) additional budget cut[29]
July
5th
Portugal's government bonds downgraded by Moody's to Ba2 from Baa1, with negative outlook[30]
21st
Greece to get 109 billion euro EZ loan[31] in addition to which the private sector is to make a contribution through an agreement to either swap or roll-over their debt.
The Financial Stability Facility's[32] powers are amended to enable it to help countries not officially in receipt of a bailout and to recapitalise Eurozone banks.
August
7th
The ECB buys Spanish and Italian government bonds[33]


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