Eurozone crisis/Timelines: Difference between revisions

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imported>Nick Gardner
imported>Nick Gardner
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: November:
: November:
: 21st
: 21st
::The Irish government applies for assistance from the IMF and the EU [http://www.irishtimes.com/newspaper/breaking/2010/1121/breaking45.html][http://viewswire.eiu.com/index.asp?layout=VWArticleVW3&article_id=517615836&VWNL=true&rf=0] -  approximately Eur 80bn through the IMF and the EU, supplemented by bilateral loans from the UK and Sweden. The EU component of the fund will be financed through the European Financial Stabilisation Mechanism (EFSM), which includes all EU members, the UK is likely to be the biggest single contributor
::The Irish government applies for assistance from the IMF and the EU [http://www.irishtimes.com/newspaper/breaking/2010/1121/breaking45.html][http://viewswire.eiu.com/index.asp?layout=VWArticleVW3&article_id=517615836&VWNL=true&rf=0]  
: 22nd
: 22nd
::Ireland's credit rating downgraded to A by S&P
::Ireland's credit rating downgraded to A by S&P

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https://en.citizendium.org/wiki/index.php?title=Eurozone_crisis/Timelines&printable=yes
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:
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
After prolonged debate[7], Eurogroup/IMF makes available €110 billion to Greece[8] and the Eurogroup launches the €600bn European Financial Stability Facility[9]
August:
Ireland's credit rating downgraded to AA- by S&P
IMF/EC review of Greek finances [10]
September:
Further support to Ireland's Anglo Irish Bank, Allied Irish Banks and Irish Nationwide banks
October:
November:
21st
The Irish government applies for assistance from the IMF and the EU [11][12]
22nd
Ireland's credit rating downgraded to A by S&P
23rd
The Irish government announces its National Recovery Plan 2011-14 [13] - 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%[14]
28th
Agreement is reached on the Ireland rescue package[15] 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
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