Timeline: Greece’s debt crisis
Here is a timeline of economic events in Greece since 2010:
Jan 2010 – Greece unveils stability program on Jan 14, saying it will aim to cut its budget gap to 2.8 percent of GDP in 2012 from 12.7 percent in 2009.
Feb – Greece must refinance 54 billion euros ($66.6 billion) of debt, with a crunch in Q2 as more than 20 billion euros becomes due and market yields for Greek debt soar.
March 5 – Package of public sector pay cuts and tax increases is passed to save an extra 4.8 billion euros. VAT to rise 2 percentage points to 21 percent; state-funded pensions frozen in 2010.
April 11 — Euro zone finance ministers approve 30 billion euros ($40.67 billion) emergency aid mechanism for Greece.
April 15 – Greek parliament passes law that seeks to tackle tax evasion and shift tax burden to higher earners.
April 22 – Eurostat says Greece’s 2009 budget deficit is 13.6 percent of GDP, not 12.7 percent as reported earlier.
April 23 – Prime Minister George Papandreou asks for activation of an EU/IMF aid package.
May 2 – Prime Minister Papandreou says Greece has sealed deal with EU and IMF, opening door to a bailout in return for extra budget cuts of 30 billion euros over three years.
– The aid package amounts to 110 billion euros over three years and represents the first rescue of a member of the then 16-nation euro zone.
May 4/5 – Public sector workers stage 48-hour nationwide strike. Three people are killed when a bank is set on fire.
May 6 – Greek parliament approves latest austerity bill.
May 9 – The IMF unanimously approves its part of the rescue loans, with 5.5 billion euros being provided immediately.
May 10 – Global policymakers install an emergency safety net worth about $1 trillion to bolster financial markets and prevent the Greek crisis from damaging the euro.
– The package consists of 440 billion euros in guarantees from euro zone states, plus 60 billion euros in European debt instruments. EU finance ministers say the IMF will contribute a further 250 billion euros.
May 18 – Greece receives a 14.5 billion euro ($18.7 billion) loan from the EU and can now repay its immediate debt.
July 7 – Greek parliament passes pension reform, a key requirement of the EU/IMF deal, cutting benefits, curbing widespread early retirement and raising women’s retirement age from 60 to match men at 65.
Aug 5 – EU and IMF inspectors give Greece the green light for a fresh 9 billion euro tranche from the bailout.
September – The IMF says Greece is ahead of schedule in economic reform and it will disburse an additional 2.57 billion euros under a standby loan.
Oct 4 – Greece submits a 2011 draft budget to parliament pledging to cut the 2011 budget deficit faster than agreed in the IMF/EU bailout deal.
Jan 2011 – Fitch becomes the third rating agency to cut Greek debt to “junk” status after S&P and Moody’s.
Feb 11 – EU and IMF inspectors approve a fresh tranche of 15 billion euros of bailout funds, but warn its fiscal program could fail unless it accelerates reforms and scales up privatizations.
April 8 – Eurogroup Chairman Jean-Claude Juncker warns Greece of the importance of controlling spending, a day after news that the country’s 2010 budget deficit overshot forecasts at over 10 percent of GDP.
April 15 – Greece presents new fiscal and privatization plans to convince investors it can meet the terms of an EU/IMF bailout and avoid restructuring its debt.
April 20 – Greece says it still plans to issue bonds again by early 2012 as the cost of insuring Greek five-year government paper shoots to a record high.
May 2 – Finance Minister George Papaconstantinou again rules out a debt restructuring, adding that he has just “expressed the hope” that the EU and the IMF will agree to extend bailout loan repayments.
May 7 – Papandreou denies there is even unofficial discussion over Greece quitting the euro zone and asks that his troubled country be “left alone to finish its task.”
May 9 – Standard and Poor’s cuts Greece’s credit rating further into junk territory to B, one notch above Pakistan’s.
May 11 – EU and IMF inspectors arrive in Athens to press Greece to shore up its finances and determine if the debt-choked country will get a fifth aid tranche of 12 billion euros.
– The visit will also help determine if Greece should be given improved loan terms or more aid to avoid debt restructuring.
– About 20,000 protesters march to parliament to mark a nationwide strike against wage cuts and tax hikes, a number smaller than previous protests.