Following are key dates in the Greek debt crisis, as eurozone finance ministers approve a third bailout to keep the country afloat in return for far-reaching reforms.
-- 2009 --
- October: The Greek government reveals that the national public deficit for 2009 was twice as big as thought at 12.7 percent of the country's output, instead of 6.0 percent. The figure is later raised again to 15 percent of gross domestic product (GDP).
- December: The three main credit ratings agencies -- Fitch, Standard & Poor's and Moody's -- downgrade Greece's debt.
-- 2010 --
- April: With public debt at 350 billion euros ($389 billion) and Greece essentially unable to borrow on debt markets, Athens appeals for aid from the European Union and the International Monetary Fund.
- May: Greece becomes the first eurozone country to receive a bailout as the EU and IMF agree to a 110 billion euro package of loans in exchange for austerity measures that include wage cuts and tax hikes.
-- 2011 --
- October: As Greece's economic situation deteriorates, the eurozone prepares a second loan package ultimately worth 130 billion euros. In addition, private sector creditors agree to write off more than 100 billion euros, about half the debt owed to them.
-- 2012 --
- May 6: Two Greek political parties that accepted austerity measures, the socialist Pasok and conservative New Democracy, suffer losses in early elections. The radical left Syriza party vaults to second place. Fresh elections are held.
- June 17: The two pro-bailout parties form the core of a new government after a close vote. The conservative prime minister creates a three-party coalition.
-- 2014 --
April: Greece returns to sovereign debt markets for the first time in four years and posts a primary budget surplus (which excludes debt interest payments).
-- 2015 --
- January 25: The Syriza party of Alexis Tsipras wins a snap election with a pledge to renegotiate the bailout terms. In five years, Greek GDP has fallen by 25 percent, salaries have withered and a quarter of the workforce is unemployed.
- February 20: Greece's creditors agree to extend emergency loans until the end of June. Athens vows to enact reforms in exchange for the last 7.2 billion euros in rescue funds.
- June 30: Greece's bailout officially expires and the country misses a 1.5 billion euro debt payment to the IMF.
- July 5: More than 61 percent of Greeks reject creditors' bailout terms in a referendum.
- July 13: After an especially tense round of brinkmanship, Greece and its creditors agree to preliminary terms of a third bailout deal worth up to 85 billion euros, in return for reforms that exceed those rejected a week earlier. Greek lawmakers approve a first batch of reforms on July 16 and 23.
- August 11: Greece and its creditors agree on fiscal targets for the third rescue package.
- August 14: Greece's parliament approves the bailout after an all-night debate.
A third of the 149 MPs in Tsipras' party rebel against him in the vote, and he only manages to push it through with the help of the opposition -- raising fresh speculation he will be forced to call early elections.
- Later in the day, eurozone finance ministers approve a third debt bailout worth up to 86 billion euros.
Following are key dates in the Greek debt crisis, as eurozone finance ministers approve a third bailout to keep the country afloat in return for far-reaching reforms.
— 2009 —
– October: The Greek government reveals that the national public deficit for 2009 was twice as big as thought at 12.7 percent of the country’s output, instead of 6.0 percent. The figure is later raised again to 15 percent of gross domestic product (GDP).
– December: The three main credit ratings agencies — Fitch, Standard & Poor’s and Moody’s — downgrade Greece’s debt.
— 2010 —
– April: With public debt at 350 billion euros ($389 billion) and Greece essentially unable to borrow on debt markets, Athens appeals for aid from the European Union and the International Monetary Fund.
– May: Greece becomes the first eurozone country to receive a bailout as the EU and IMF agree to a 110 billion euro package of loans in exchange for austerity measures that include wage cuts and tax hikes.
— 2011 —
– October: As Greece’s economic situation deteriorates, the eurozone prepares a second loan package ultimately worth 130 billion euros. In addition, private sector creditors agree to write off more than 100 billion euros, about half the debt owed to them.
— 2012 —
– May 6: Two Greek political parties that accepted austerity measures, the socialist Pasok and conservative New Democracy, suffer losses in early elections. The radical left Syriza party vaults to second place. Fresh elections are held.
– June 17: The two pro-bailout parties form the core of a new government after a close vote. The conservative prime minister creates a three-party coalition.
— 2014 —
April: Greece returns to sovereign debt markets for the first time in four years and posts a primary budget surplus (which excludes debt interest payments).
— 2015 —
– January 25: The Syriza party of Alexis Tsipras wins a snap election with a pledge to renegotiate the bailout terms. In five years, Greek GDP has fallen by 25 percent, salaries have withered and a quarter of the workforce is unemployed.
– February 20: Greece’s creditors agree to extend emergency loans until the end of June. Athens vows to enact reforms in exchange for the last 7.2 billion euros in rescue funds.
– June 30: Greece’s bailout officially expires and the country misses a 1.5 billion euro debt payment to the IMF.
– July 5: More than 61 percent of Greeks reject creditors’ bailout terms in a referendum.
– July 13: After an especially tense round of brinkmanship, Greece and its creditors agree to preliminary terms of a third bailout deal worth up to 85 billion euros, in return for reforms that exceed those rejected a week earlier. Greek lawmakers approve a first batch of reforms on July 16 and 23.
– August 11: Greece and its creditors agree on fiscal targets for the third rescue package.
– August 14: Greece’s parliament approves the bailout after an all-night debate.
A third of the 149 MPs in Tsipras’ party rebel against him in the vote, and he only manages to push it through with the help of the opposition — raising fresh speculation he will be forced to call early elections.
– Later in the day, eurozone finance ministers approve a third debt bailout worth up to 86 billion euros.
