GREEK CRISIS TIMELINE:
a chronology of key events for the greek debt crisis
a database of key official documents & pronouncements

Research Team
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Introduction: Project Description

ACIPE presents one of the most concise timelines of the Greek Crisis. The innovative characteristic of the Timeline is that it includes direct links to most key official documents related to the Greek Crisis, as well as indicative press coverage of key events. Furthermore, the Timeline covers most major events happening in the Eurozone, with regard to the evolving debt crisis. The Timeline will be of use to researchers, analysts and journalists working on the Greek and European debt crisis.

Greek Crisis Timeline
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November 2009

1/12/2009

European Union

Lisbon treaty comes into force (full text EN)


December 2009

8/12/2009

Credit Rating Agencies

Fitch downgrades Greece from A- to BBB+

16/12/2009

Credit Rating Agencies

S&P downgrades Greece form A- to BBB+

24/12/2009

Greek Government

Parliament approves 2010 budget (full text GR)

29/12/2009

Credit Rating Agencies

Moody's downgrades Greece from A2 to A1


January 2010

12/1/2010

Greek Public Debt Management Agency

Public Debt Management Agency sells € 1,04 bn 3-month Treasury Bills with 1,38% interest rate

12/1/2010

Greek Public Debt Management Agency

Public Debt Management Agency sells € 1,04 bn Treasury Bills with 2,20% interest rate

14/1/2010

Greek Government

Cabinet approves Stability and Growth Plan

(text - EN)

(text - GR)

26/1/2010

Greek Government

Prime Minister (George A. Papandreou) attends World Economic Forum in Davos

(statement - GR)

(video - GR)


February 2010

6/2/2010

Spanish Government

Spain announces annual GDP reduction of 3.6 % for 2009

9/2/2010

Greek Government

Minister of Economics (G. Papakonstantinou) announces package of measures including salary reductions and benefit cuts in public sector, tax measures and new tax scales (press conference text - GR)

14/2/2010

Greek Government

Parliament approves new working law

16/2/2010

Russian Prime Minister

Russian Prime Minister (V. Putin) meets Greek Prime Minister (George A. Papandreou)

(press conference - EN)

(video - GR)

28/2/2010

German Chancellor

German Chancellor (A. Merkel) states that the European treaty does not provide a Greek bail out (quotes in the press -EN)


March 2010

3/3/2010

Greek Government

Announcement of austerity measures

(quotes in the press - GR)

(the international press on the measures - GR)

3/3/2010

Eurogroup

Jean Claude Junker welcomes Greek consolidation measures

(press release - GR)

5/3/2010

German Chancellor

German Chancellor (A. Merkel) meets Greek Prime Minister (George A. Papandreou) in Berlin

(official statements and press conference - GR)

9/3/2010

US presidency

US President (Barack Obama) meets Greek Prime Minister (George A. Papandreou)

(Obama statements, video - GR)

(Papandreou statements, text, video - GR)

15/3/2010

Eurogroup

Agreement on mechanism for possible Greek bailout (text - EN)

25/3/2010

European Council

Discussion of the Euro 2020 jobs & growth strategy (conclusions - EN)

26/3/2010

German Chancellor

Statement in support of the IMF-led rescue package for Greece

(quotes in the press - EN)


April 2010

9/4/2010

Credit rating Agencies

Fitch downgrades Greece from BBB+ to BBB-

12/4/2010

Eurogroup

Agreement on financial support (€30 bn) for Greece

(Van Rompuy statement - EN)

(official statement - EN)

13/4/2010

Greek Public Debt Management Agency

Public Debt Management Agency sells € 1,56 bl year-Treasury bills with 4,85% interest rate

13/4/2010

Greek Public Debt Management Agency

Public Debt Management Agency sells € 1,625 bn 6-month Treasury bills with 4,65% interest rate

20/4/2010

Greek Public Debt Management Agency

Public Debt Management Agency sells € 1,95 bn 3-month Treasury bills with 3,65% interest rate

22/4/2010

Eurostat

Greek fiscal deficit for 2009 is 13.6%

22/4/2010

Credit rating Agencies

Moody's downgrades Greece from A2 to A3

23/4/2010

Greek Government

Official request for financial support

(George A. Papandreou official statement – EN)

(EU official response – EN)

27/4/2010

Credit rating Agencies

S&P downgrades Greece from BBB+ to BB+

27/4/2010

Credit rating Agencies

S&P downgrades Portugal to A-

29/4/2010

US presidency

US President (Barack Obama) expresses worries about Greece becoming a country-size version of Lehman Brothers


May 2010

2/5/2010

Eurogroup

Eurogroup approves € 80 bn loan for Greece

(official statement – EN)

3/5/2010

European Central Bank

Greek bonds will be accepted as collaterals no matter their rating

5/5/2010

German Chancellor

German Chancellor (A. Merkel) warns about the future of euro, as it falls to $1.2935

5/5/2010

Credit rating Agencies

S&P downgrades Greece from BB+ to B+

5/5/2010

Greece

Massive demonstrations against the severe austerity measures to be voted in parliament--Three people die in a fire in Marfin Bank in Athens.

(quotes in the press 1, 2 – GR)

(quotes in the press – EN)

6/5/2010

Greek Government

Parliament approves austerity measures

(text - GR)

9/5/2010

IMF

IMF approves € 30 bn loan for Greece and on May 12 disburses the 1st installment.

(press release – EN)

9/5/2010

US presidency

US President expresses concerns over the Greek economic crisis and the European reaction to it

10/5/2010

ECOFIN

Agreement on a European Stabilisation Mechanism, with a total volume of up to € 500 billion (text – EN, EFSF webpage)

18/5/2010

European Commission

European Commission disburses € 14,5 bn to Greece (1st installment)

20/5/2010

Brazilian Government

Greek Prime Minister (George A. Papandreou) meets with the Brazilian President (Inacio Lula da Silva) about the Greek crisis, during the European Union - Latin America Summit

26/5/2010

European Commission

Publication of the Economic Adjustment Programme for Greece (text – EN)

27/5/2010

Russian Prime Minister

Russian Prime Minister (V. Putin) states that the EU will resolve the Greek economic crisis

(quotes in the press - EN)

28/5/2010

Credit rating Agencies

Fitch downgrades Spain from AAA to AA+


June 2010

14/6/2010

Credit rating Agencies

Moody's downgrades Greece from A3 to Ba1

17/6/2010

Troika

Troika concludes interim review mission to Greece

(official statement – EN)


July 2010

20/7/2010

Greek Public Debt Management Agency

Public Debt Management Agency sells € 1,95 bn 3-month Treasury bills with 4,05% interest rate


August 2010

5/8/2010

Troika

Troika concludes 1st review mission to Greece

(Official statement – EN)

8/8/2010

European Commission

European Commission publishes 1st review of Economic Adjustment Programme for Greece

(text – EN)

8/8/2010

European Commission

European Commission disburses additional € 6.5 bn to Greece (2nd installment)

25/8/2010

Credit rating Agencies

S&P downgrades Ireland to AA-


September 2010

7/9/2010

Greek Government

Prime Minister (George A. Papandreou) reshuffles government

(quotes in the press - GR)

10/9/2010

IMF

IMF completes First Review and disburses € 2.57 bn to Greece (2nd installment)

(press release – EN)

(First Review – EN)

14/9/2010

Greek Public Debt Management Agency

Public Debt Management Agency sells € 1,17 bn 6-month Treasury bills with 4,82% interest rate

21/9/2010

Greek Public Debt Management Agency

Public Debt Management Agency sells € 390 mn 3-month Treasury bills with 3,975% interest rate

30/9/2010

Credit Rating Agencies

Moody's downgrades Spain from AAA to AA


October 2010

4/10/2009

Greek Government

Socialist Party (PASOK) wins parliamentarian elections, George A. Papandreou is the new Prime Minister

(results – GR)

20/10/2009

Greek Government

Minister of Finance (G. Papakonstantinou) announces that fiscal deficit for 2009 will reach 12,5% (instead of the estimated 6%)

14/10/2010

Russian Deputy Prime Minister

Deputy Prime Minister (A. Kudrin) speaks at the fifth Russia-EU Dialogue meeting on financial and macroeconomic policy (text – EN)

29/10/2010

European Council

Agreement on permanent crisis mechanism (ESM)

(conclusions – EN)


November 2010

9/11/2010

Greek Public Debt Management Agency

Public Debt Management Agency sells € 390 mn 6-month Treaury bills with 4,82% interest rate

16/11/2010

Greek Public Debt Management Agency

Public Debt Management Agency sells € 390 mn 3-month Treasury bills with 4,1% interest rate

21/11/2010

Irish Government

Official request for financial support (€ 90 bn )

23/11/2010

Troika

Troika concludes 2nd review mission to Greece

(official statement – EN)

25/11/2010

European Commission

European Commission disburses € 6.5 bn to Greece (3rd installment)

25/11/2010

European Commission

European Commission publishes 2nd review of Economic Adjustment Programme for Greece

(text – EN)

26/11/2010

Eurogroup

Eurogroup approves loan for Ireland

(official statement – EN)

28/11/2010

Eurogroup

Statement on the ESM and conditions for liquidity assistance

(official statement – EN)


December 2010

16/12/2010

IMF

IMF approves loan for Ireland

(press release – EN)

17/12/2010

IMF

IMF completes Second Review and disburses € 2.5 bn to Greece (3rd installment)

(press release – EN)

(second review – EN)

23/12/2010

Credit Rating Agencies

Fitch downgrades Portugal to A+

23/12/2010

Greek Government

Parliament approves the 2011 public budget

(text – GR)


January 2011

13/1/2011

Credit Rating Agencies

S&P downgrades 9 eurozone countries

(quotes in the press)

14/1/2011

Credit Rating Agencies

Fitch downgrades Greece from BBB- to BB+

18/1/2011

Greek Public Debt Management Agency

Public Debt Management Agency sells € 650 mn 3-month Treasury bills with 4,1% interest rate


February 2011

8/2/2011

Greek Public Debt Management Agency

Public Debt Management Agency sells € 390 mn 6-month Treaury bills with 4,64% interest rate

11/2/2011

Troika

Troika concludes 3rd review mission to Greece

(official statement – EN)

12/2/2011

European Commission

European Commission disburses additional € 10.9 bn to Greece (4th installment)

12/2/2011

European Commission

European Commission publishes 3rd review of Economic Adjustment Programme for Greece

(text –EN)

15/2/2011

Greek Public Debt Management Agency

Public Debt Management Agency sells € 390 mn 3-month Treasury bills with 3,85% interest rate

25/2/2011

Irish Government

General Elections

(results – EN)


March 2011

7/3/2011

Credit rating Agencies

Moody's downgrades Greece from Ba1 to B1

8/3/2011

Greek Public Debt Management Agency

Public Debt Management Agency sells € 1,6 bn 6-month Treasury billd with 4,75% interest rate

11/3/2011

Euro Summit

Endorsement of the “Pact for the Euro” & other ESM provisions

(Euro summit conclusions – EN)

13/3/2011

Euro Summit

Agreement on Greek loan: extended repayment period (from 3 to 7,5 years) and lower interest rate (from 5,2% to 4,2%)

(Euro summit conclusions – EN)
(press conference statements – GR)

14/3/2011

IMF

IMF completes Third Review and disburses 4.1 bn euro to Greece (4th installment)

(press release – EN)

(third review – EN)

23/3/2011

Portuguese Government

Parliament rejects austerity plan. Prime Minister (J. Socrates) resigns

(quotes in the press)

24/3/2011

Credit Rating Agencies

Fitch downgrades Portugal from AA- to AA


April 2011

6/4/2011

Portuguese Government

Official request for financial support

(quotes in the press)

8/4/2011

Eurogroup

Eurogroup approves loan for Portugal

(official statement – EN)

10/4/2011

Brazilian Government

Brazilian President (Dilma Rousseff) visits Greece

(quotes in the press – EN)

12/4/2011

Greek Public Debt Management Agency

Public Debt Management Agency sells € 1,625 bn 6-month Treasury billd with 4,65% interest rate

15/4/2011

IMF/Troika

Troika concludes 1st review mission to Ireland

(official statement – EN)

19/4/2011

Greek Public Debt Management Agency

Public Debt Management Agency sells € 1,625 bn 3-month Treasury bills with 4,1% interest rate


May 2011

10/5/2011

Greek Public Debt Management Agency

Public Debt Management Agency sells € 1,625 bn 6-month Treasury bill with 4,88% interest rate

16/5/2011

IMF

IMF disburses € 1.58 bn to Ireland (1st & 2nd installment)

(press release – EN)

16/5/2011

Portuguese Government

Parliament approves bailout package (€ 78 bn )

17/5/2011

Greek Public Debt Management Agency

Public Debt Management Agency sells € 1,625 bn 3-month Treasury bills with 4,06% interest rate

18/5/2011

German Chancellor

German Chancellor (A. Merkel) asks for reforms in retirement age and vacation periods in Greece and South Europe

(quotes in the press - EN)

18/5/2011

IMF

Managing Director (Dominic Strauss-Kahn) resigns

(press release – EN)

20/5/2011

Credit Rating Agencies

Fitch downgrades Greece from BB+ to B

20/5/2011

IMF

IMF approves loan for Portugal

(press release - EN)

29/5/2011

Greece

 

Set as a day of peaceful pan-European demonstrations – Massive demonstrations in Athens and other large Greek cities.


June 2011

1/6/2011

Credit Rating Agencies

Moddy's downgrades Greece from B1 to Caa1

3/6/2011

IMF/Troika

Troika concludes 4th review mission to Greece

(official statement – EN)

(fourth review – EN)

6/6/2011

Portuguese Government

General Elections

(results – EN)

7/6/2011

US president

US President (Barack Obama) urges Europe to prevent default by Greece and pledges for US support

(quotes in the press - EN)

13/6/2011

Credit Rating Agencies

S&P downgrades Greece from B to CCC

15/6/2011

Greek Prime Minister

Deliberations between the Prime Minister (George Papandreou) and the leader of the opposition party ND (Antonis Samaras) about the formation of a new national unity government. The Prime Minister signals its willingness to resign.

(quotes in the press 1, 2 – GR)

(quotes in the press – EN)

17/6/2011

A. Merkel / N. Sarkozy

Agreement on second bailout for Greece with possible voluntary private sector involvement

(quotes in the press 1 - EN, 2 – EN)

17/6/2011

Greek Government

Prime Minister (George A. Papandreou) reshuffles government. Evangelos Venizelos becomes new Minister of Economics

(quotes in the press – GR)

(quotes in the press – EN)

20/06/2011

Eurogroup

Statement on the pursuit of PSI in the form of informal and voluntary roll-overs of existing Greek debt.

(statement- EN)

21/6/2011

Greek Public Debt Management Agency

Public Debt Management Agency sells € 1,625 bn 3-month Treasury bills with 4,62% interest rate

23/06/2011

European Council

Decisions on European economic governance—Euro area leaders endorse the PSI plan for Greece

(conclusions – EN)

23/6/2011

European Commission

European Commission publishes the 4th review of Economic Adjustment Programme for Greece and approves the disbursement of € 8.7 bn to Greece (5th installment)

(text – EN)

24/6/2011

European Central Bank

Mario Draghi succeeds Jean Claude Trichet, as ECB president

(European Council recommendation - EN)

29/6/2011

IMF

Christine Lagard is appointed IMF Managing Director

(press release – EN)

29/6/2011

Greek Government / Greek Parliament

Parliament approves new austerity measures and the Mid-Term Strategic Fiscal Programme (Ìåóïðñüèåóìï Ðñüãñáììá ÄçìïóéïíïìéêÞò ÓôñáôçãéêÞò)

(mid-term strategic fiscal programme - GR)

(implementation law – GR)


July 2011

2/7/2011

Eurogroup

Acknowledgement that consultations are underway in order to define the modalities for a voluntary PSI, while avoiding selective default in the case of Greece. Approvement of the disbursement of the 5th installment.

(statement – EN)

5/7/2011

Credit Rating Agencies

Moddy's downgrades Portugal to junk

8/7/2011

IMF

IMF completes Fourth Review and

disburses € 3.2 bn to Greece (5th installment)

(press release – EN)

(fourth review – EN)

12/7/2011

Credit Rating Agencies

Moody's downgrades Ireland to junk

13/7/2011

Credit Rating Agencies

Fitch downgrades Greece from B to CCC

14/7/2011

IMF/Troika

Troika concludes 2nd review mission to Ireland

(official statement – EN)

15/7/2011

Russian Prime Minister

Telephone conversation between the Russian Prime Minister (V. Putin) and the Greek Prime Minister (George A. Papandreou) about the Greek economic crisis

(press release – EN)

15/7/2011

Italian Government

Parliament approves austerity measures (€ 48 bn)

(quotes in the press)

20/7/2011

A. Merkel / N. Sarkozy

Meeting between A. Merkel and N. Sarkozy in Berlin in preparation of a common stance on the second bailout for Greece

(quotes in the press)

21/7/2011

Euro Summit/EU

Agreement on second bailout package for Greece: financing amount estimated 109 billion euro, voluntary PSI, call for a comprehensive strategy for growth and investment in Greece

(official text – EN)

(E. Venizelos’ statements – GR)

25/7/2011

Credit rating Agencies

Moody's downgrades Greece from Caa1 to Ca


August 2011

8/8/2011

European Central Bank

ECB signals its will to intervene in the bond market and buy Italian and Spanish debt

(quotes in the press - EN)

9/8/2011

Greek Public Debt Management Agency

Public Debt Management Agency sells € 812,5 mn 6-month Treaury bills with 4,85% interest rate

12/8/2011

European Governments

France, Italy, Spain and Belgium impose short-selling bans

(quotes in the press - EN)

12/8/2011

IMF/Troika

Troika concludes 1st review mission to Portugal

(official statement – EN)

16/8/2011

A. Merkel / N. Sarkozy

The two leaders state their will to move towards the creation of a true European Economic Government

(quotes in the press 1, 2 – EN)

16/8/2011

Greek Public Debt Management Agency

Public Debt Management Agency sells € 1,3 bn 3-month Treasury bills with 4,5% interest rate

17/8/2011

Greek Government

Bilateral agreement of Greece and Finland over guarantees for the latter's participation in the 2nd bailout package

(quotes in the press – GR)

(quotes in the press – EN)


September 2011

1/9/2011

   

2/9/2011

IMF/Troika

Troika interrupts 5th review mission to Greece

(official statement – EN)

2/9/2011

IMF

IMF disburses € 1.48 bn to Ireland (3rd installment)

(press release – EN)

6/9/2011

Greek Public Debt Management Agency

Public Debt Management Agency sells € 1,3 bn 6-month Treasury bills with 4,80% interest rate

12/9/2011

IMF

IMF disburse € 3.98 bn to Portugal (1st installment)

(press release – EN)

14/9/2011

President of the European Commission,

José Manuel Barroso states that ‘[t]his is a fight for the economic and political future of Europe’ and refers to a "un noveau moment fédérateur"

(quotes in the press – EN)

14/9/2011

Italian Government

Parliament approves austerity measures (€ 54 bn )

(quotes in the press – EN)

14/9/2011

US president

US President (Barack Obama) states that the Europeans need to take decisive action in dealing with the European debt crisis

(quotes in the press - EN)

14/9/2011

Chinese Prime Minister

Premier Wen Jiabao states that Beijing is willing to help Europe but ‘[c]ountries must first put their own houses in order’

(quotes in the press – EN)

15/9/2011

German Vice Chancellor & Economy Minister

Tension in the German Government as Economy Minister (Philipp Rösler) publishes a controversial newsletter article referring to Greece’s bankruptcy.

(quotes in the press – EN)

16/9/2011

Russian Prime Minister

Russian Prime Minister (V. Putin) expresses concerns about the debt crisis in the US & EU as well as on debt-growth led development.

(quotes in the press – EN)

20/9/2011

Credit Rating Agencies

S&P downgrades Italy to "A/A-1" from "A+/A-1+"

20/9/2011

Greek Public Debt Management Agency

Public Debt Management Agency sells € 1,625 bn 3-month Treasury bills with 4,56% interest rate

21/9/2011

Greek Government

Minister of Finance (E. Venizelos) states that fiscal targets are not met and new measures are necessary

(quotes in the press – GR)

(speech in the Parliament, video – GR)

23/9/2011

US president

US President (Barack Obama) warns about the spillover effects of Europe's financial crisis

(quotes in the press – EN)

27/9/2011

US president

US President (Barack Obama) correlates the US unemployment and slow growth to the European debt crisis

(video – EN)


October 2011

1/10/2011

 

 

4/10/2011

Council of the EU

The Council agrees on new European Economic Governance (the package of six legislative proposals on economic governance)

(press release on six pack– EN)

(press release on fiscal policies – EN)

(press release on derivatives markets reg. – EN)

(press release – GR)

4/10/2011

Dexia bank / Belgium

France and Belgium step in to rescue Dexia from collapse

(quotes in the press – EN)

4/10/2011

Credit Rating Agencies

Moody’s downgrades Italy to A2

6/10/2011

Bank of England

Injection of £ 75 bn into the UK economy

7/10/2011

Credit Rating Agencies

Fitch downgrades Italy and Spain

9/10/2011

A. Merkel / N. Sarkozy

The two leaders meet in Berlin to discuss the solution to the Greek crisis, European bank recapitalization and Eurozone governance

(quotes in the press - EN)

11/10/2011

Troika

Troika concludes 5th review mission to Greece

(official statement – EN)

(fifth review – EN, released in December 2011)

11/10/2011

Greek Public Debt Management Agency

Public Debt Management Agency sells € 1,3 bn 6-month Treasury bills with 4,86% interest rate

11/10/2011

European Commission

European Commission publishes the 5th Review of Economic Adjustment Programme for Greece and approves the disbursement of € 5.8 bn to Greece (6th installment)

(Review – EN)

13/10/2011

Russian Prime Minister

Russian Prime Minister (V. Poutin) describes the European debt problem as a more political rather than economic problem

18/10/2011

Greek Public Debt Management Agency

Public Debt Management Agency sells € 1,625 bn 3-month Treasury bills with 4,61% interest rate

18/10/2011

EFSF

Amendments to the EFSF Framework come into force

(EFSF agreement – EN)

(official site – EN)

19/10/2011

A. Merkel / N. Sarkozy

Merkel, Sarkozy, Lagard, Trichet and Van Rompuy hold emergency talks on the Eurozone crisis in Frankfurt

(quotes in the press – EN)

20/10/2011

US president

President Obama hold a videoconference with A. Merkel, N. Sarkozy and D. Cameron

(press release - EN)

20/10/2011

IMF/Troika

Troika concludes 3rd review mission to Ireland

(official statement – EN)

21/10/2011

Eurogroup

Eurogroup acknowledges the deterioration of the macroeconomic situation in Greece, and reiterates its approval for the disbursement of the 6th installment to Greece (pending the IMF’s approval), and the need for a new support programme and the PSI.

(official statement – EN)

25/10/2011

Greek Government

Parliament approves pension reforms, new remuneration scales for public sector and other measures related to the Mid-Term Strategic Fiscal Programme

(law – GR)

26/10/2011

Euro Summit

Outlines: (i) the new support programme for Greece (strengthened monitoring arrangements, voluntary PSI with a 50% haircut, PSI to secure the decline of the Greek debt to GDP ratio with an objective of reaching 120% by 2020, additional financing of up to 100 bn euro until 2014, recapitalisation of Greek banks), (ii) a new governance structure for the Euro-area.

(official statement – EN)

27/10/2011

White House

Official Statement on the results of the Euro Summit (26/10/2011)

(press release - EN)

28/10/2011

EFSF

The CEO of the EFSF (Klaus Regling) meets with Chinese financial officials over possible Chinese participation in the Fund

(quotes in the press – EN)

28/10/2011

US president

The US President (Barack Obama) publishes an articles in the FT, entitled ‘A firewall to stop Europe's crisis spreading’

(article – EN)

31/10/2011

Greek Prime Minister

Prime Minister (George A. Papandreou) announces that he will hold a referendum over the new loan agreement and Greece’ participation in the Eurozone

(statements in G20/Cannes, video – EN)

(speech to PASOK’s MPs – GR)

(quotes in the press – GR)

31/10/2011

N. Sarkozy / A. Merkel

N. Sarkozy and A. Merkel react on the referendum’s announcement by G. Papandreou (press conference in G20/Cannes, video – EN)


November 2011

3/11/2011

European Central Bank

ECB lower interest rate to 1,25%

(press release – EN)

3/11/2011

N. Sarkozy / A. Merkel

A. Merkel stresses that the stability of Euro is more important than Greece, and N. Sarkozy notes that the question is whether Greece wants to stay in the euro.

(quotes in the press – EN)

3/11/2011

Chinese President Hu Jintao

 

Chinese President (Hu Jintao) tells French President (Nicolas Sarkozy) that Europe is responsible for resolving its debt crisis

(quotes in the press – EN)

3/11/2011

US president

US President (Barack Obama) sets Euro crisis and Greece as top priority for G20 Summit

(press conference, video – EN)

4/11/2011

Greek Government

Prime Minister (George A. Papandreou) wins confidence vote in parliament, and signals that he may step down

(quotes in the press 1, 2 – EN)

(quotes in the press–GR, speech in parliament)

5/11/2011

White House

US President (Barack Obama) meets Portugal President (Annibal Cavaco Silva) in

Washington DC

(press release – EN)

6/11/2011

Credit Rating Agencies

S&P warns of mass eurozone downgrade over debt crisis

(quotes in the press – EN)

09/11/2011

Greek Government

Prime Minister (George A. Papandreou) steps down as Greece's prime minister

(quotes in the press & video – EN)

(Papandreou’s statement, video – GR)

10/11/2011

Greek Government

PASOK, New Democracy and LAOS form a new interim coalition government, led by Loukas Papademos, who takes over as prime-minister

(quotes in the press – GR)

(quotes in the press – EN)

12/11/2011

Italian Government

Prime Minister (Silvio Berlusconi) resigns

15/11/2011

Greek Public Debt Management Agency

Public Debt Management Agency sells € 1 bn 3-month Treasury bills with 4,63% interest rate

16/11/2011

Italian Government

Mario Monti becomes new Italian Prime Minister

16/11/2011

IMF/Troika

Troika concludes 2nd review mission to Portugal

(official statement – EN)

18/11/2011

Greek Government

Cabinet approves draft budget for 2012

(text – GR)

22/11/2011

White House

US President (Barack Obama) congratulates Mr Loucas Papademos for his appointment, and reiterates that the US will stand by Greece

(press release – EN)

23/11/2011

German Debt Agency

The German Debt Agency does not manage to sell about 35% of the €6bn 10-year bonds it offered in an auction.

(quotes in the press – EN)

24/11/2011

A. Merkel / N. Sarkozy

Merkel, Sarkozy and Monti meet in Strasburg to discuss the debt crisis

30/11/2011

European Central Bank

Six central banks announce coordinated actions to enhance liquidity support to the global financial system

(press release – EN)


December 2011

5/12/2011

IMF

IMF completes its Fifth Review and disburses € 2.2 bn to Greece ( 6th installment )

(press release – EN)

(fifth review – EN)

5/12/2011

Italian Government

Prime Minister (Mario Monti) unveils austerity package (€ 30 bn )

(quotes in the press – EN)

9/12/2011

European Council / Euro Summit

A new framework for economic integration through the adoption of the ‘fiscal compact’ (for Eurozone members and all other interested member-states). The new guiding rule is that general government budgets shall be balanced or in surplus (i.e. the annual structural deficit should not exceed 0.5% of nominal GDP). Also, the ESM to enter into force earlier, in July 2012.

(official statement – EN)

(quotes in the press – EN)

13/12/2011

Greek Public Debt Management Agency

Public Debt Management Agency sells € 1,625 bn 6-month Treasury bills with 4,95% interest rate

15/12/2011

IMF

IMF completes Fourth Review and disburses € 3.9 bn to Ireland (4th installment)

(press release - EN)

19/12/2011

IMF

IMF completes Second Review and disburses € 2.9 bn to Portugal

(press release – EN)

20/12/2011

Greek Public Debt Management Agency

Public Debt Management Agency sells € 1,3 bn 3-month Treasury bills with 4,68% interest rate


January 2012

9/1/2012

A. Merkel / N. Sarkozy

The two leaders keep up pressure on Greece and discuss the PSI, the fiscal compact, the ESM, and the financial transaction tax.

(quotes in the press – EN)

13/1/2010

Credit Rating Agencies

S&P downgrades nine eurozone economies. France and Austria loose their AAA rating.

(quotes in the press – EN)

19/1/2012

IMF/Troika

Statement on the 4th review mission to Ireland

(official statement – EN)

25/1/2012

German Chancellor

German Chancellor (A. Merkel) casts doubts for Europe's chances to save Greece

(quotes in the press – EN)

27/1/2012

Spain

Total unemployment exceeds the 5 million

(quotes in the press – EN)

28/1/2012

German Government

Leaked document refers to a proposal for an EU budget commissioner for Greece

(quotes in the press – EN)

31/1/2012

European Council / Euro Summit

The ‘fiscal compact’, renamed to the ‘Treaty on stability, coordination and governance in the EMU’, is finalised. The issues of growth and unemployment are set as EU priorities, along with fiscal consolidation (= discourse on ‘smart consolidation’).

(Eurosummit statement – EN)

(European Council statement – EN)

(treaty on EMU – EN)


February 2012

6/2/2012

Greek Government

There is no outcome, within the scheduled timetable, in the negotiations between the troika and the Greek interim coalition government for the conditions of the 2nd bailout. Pressure for further salary cuts and a € 325 million fiscal gap for 2012 dominate headines. Pressure on Greece from all European quarters mounts.

(quotes in the press 1, 2 – EN)

(quotes in the press 1, 2 – GR)

9/2/2012

US president

US President (Barack Obama) meets Italian Prime Minister (Mario Monti)

(press release – EN)

10/2/2012

Greek Government

Ministers quit over austerity measures voting. The right-wing party LAOS that participates in the interim coalition government removes its support from the government.

(quotes in the press – EN)

(quotes in the press - GR)

10/02/2012

Greek Government

Greek cabinet approves EU/IMF bailout bill

(quotes in the press –EN)

11/2/2012

Portugal

Massive protests in Portugal over austerity measures

13/2/2012

European Commission

European Commission President (Jose Manuel Barroso) speech on the European debt crisis

(video – EN)

13/2/2012

Greek Government

Parliament approves new austerity measures  to secure the 130-billion-euro bailout, amid massive demonstrations and violent riots

(quotes in the press 1, 2 – EN)

14/2/2012

Chinese Government

China and EU leaders meet to discuss European debt crisis

(quotes in the press 1, 2 - EN)

(joint press communiqué – EN

15/2/2012

Chinese Central Bank

The Governor (Zhou Xiaochuan) states that China will continue to invest in eurozone debt

(quotes in the press – EN)

15/2/2012

Eurogroup

A Eurogroup meeting to discuss/approve the 2nd Greek bailout is postponed and replaced by a conference call. Pressure on Greece mounts

(quotes in the press 1, 2 - EN)

15/02/2012

President of Greece

President of Greece (Karolos Papoulias) reacts to German and European leaders’ “insults” on Greece

(quotes in the press – EN)

(quotes in the press & video – GR)

21/2/2012

Eurogroup

Agreement on the 2nd bailout for Greece, and its provisions and conditions.

(quotes in the press & video – EN)

(Venizelos statements after the meeting – GR)

(Eurogroup statement – EN)

21/2/2012

US president

US President (Barack Obama) welcomes the Eurogroup’s decision in a telephone conversation with the German Chancellor (Angela Merkel)

(press release – EN)

23/2/2012

Japanese Government

Japanese finance minister (Jun Azumi) states that Japan and China are committed to help Europe solve its debt crisis via the IMF

(quotes in the press – EN)

25/2/2012

G20

The European debt crisis and the need for the EU to increase the size of its stabilisation fund dominate the Summit’s Agenda. Emerging powers request further reforms in the IMF.

(quotes in the press 1, 2 - EN )

27/2/2012

IMF

IMF completes the Fifth Review and disburses € 3.2 bn to Ireland (5th installment)

(press release – EN)

28/2/2012

Troika

Troika concludes 3rd review mission to Portugal

(press release – EN)


March 2012 onwards:

coming soon

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