Eurozone crisis/Timelines

Credit ratings:
Standard & Poor (S&P) and Fitch Investment grades are AAA, A, and B; speculative ("junk") grades are BB and B
Moodys Investment grades are Aaa, AA, 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

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[2]

March:

Eurozone launches the €500bn European Financial Stability Facility[3]

Portugal's credit rating downgraded from AA to A- by Fitch[4]

April:

Spain's credit rating downgraded from AA+ to AA by S&P[5]

Portugal's credit rating downgraded from A+ to A- by S&P[6]

May

Eurogroup/IMF makes available €110 billion to Greece[7]

August:

Ireland's credit rating downgraded to AA- by S&P

IMF/EC review of Greek finances [8]

September:

Further support to Ireland's Anglo Irish Bank, Allied Irish Banks and Irish Nationwide banks

October:

November:

The Irish government applies for assistance from the IMF and the EU [9]

The Irish government announces its National Recovery Plan 2011-14 [10] - 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)