Eurozone crisis/Timelines

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]

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

October

EU agree to make changes to the Lisbon Treaty[13] to provide a legal basis for bailouts

November:

21st

The Irish government applies for assistance from the IMF and the EU [14][15]

22nd

Ireland's credit rating downgraded to A by S&P

23rd

The Irish government announces its National Recovery Plan 2011-14 [16] - 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%[17]

28th

Agreement is reached on the Ireland rescue package[18] 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[19] [20], 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[21] but the idea is opposed by Germany[22]

The Eurozone/IMF bailout of Ireland is conditional upon deleveraging of Ireland's banks[23]

10th

Merkel and Sarkozy call for closer union[24]

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.