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

Greece. After prolonged debate[8], Eurogroup/IMF makes available €110 billion to Greece[9] and the Eurogroup launches the €600bn European Financial Stability Facility[10] [11]

European Central Bank launches its Securities Markets Programme [12] authorising the purchase of qualifying eurozone government bonds.

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August:

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

IMF/EC review of Greek finances [13]

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[14] to provide a legal basis for bailouts

November:

21st

The Irish government applies for assistance from the IMF and the EU [15][16]

22nd

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

23rd

The Irish government announces its National Recovery Plan 2011-14 [17] - 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%[18]

28th

Agreement is reached on the Ireland rescue package[19] 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[20] [21], 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[22] but the idea is opposed by Germany[23]

The Eurozone/IMF bailout of Ireland is conditional upon deleveraging of Ireland's banks[24]

10th

Merkel and Sarkozy call for closer union[25]

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.

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2011

January

25th

First bond issue by the European Financial Stability Facility[26]

March

7th

Greek government bonds downgraded by Moody's to B1 from Ba1, and assigned a negative outlook to the rating.. The report cites conditions attached to eurozone support[27].

April

15th

Irish government bonds downgraded by Moody's to Baa3

May

9th

Greek government bonds downgraded by S&P frm B to BB-

20th

Greek government bonds downgraded by Fitch from BB+ to B+

Portugal to get an IMF/EU 78 billion euro ($110 billion) bailout package[28].

June

2nd

Greece has agreed to 6.4 billion euros (5.6 billion pounds) additional budget cut[29]

July

5th

Portugal's government bonds downgraded by Moody's to Ba2 from Baa1, with negative outlook[30]

15th

Italian government adopts a €48 bn austerity package[31]

21st

Greece to get 109 billion euro EZ loan[32] in addition to which the private sector is to make a contribution through an agreement to either swap or roll-over their debt.

The Financial Stability Facility's[33] powers are amended to enable it to help countries not officially in receipt of a bailout and to recapitalise Eurozone banks.

August

7th

The ECB buys Spanish and Italian government bonds[34]

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