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Timeline: Likely key events in Greek debt crisis to May 19

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BRUSSELS | Fri Apr 30, 2010 8:53am EDT

BRUSSELS (Reuters) - The European Commission, the ECB and the IMF are putting the finishing touches to talks in Greece on a reform package that would enable Athens to tap emergency loans totaling more than 100 billion euros by 2012.

Below is a possible timetable of key events until May 19, when Greece has to pay back 8.5 billion euros in maturing debt.

FRIDAY, APRIL 30

Euro zone finance ministers are to hold a teleconference on Greece on Friday, Germany and France said.

European Commission, European Central Bank and International Monetary Fund experts may conclude talks in Athens with Greek authorities on a detailed reform and fiscal austerity package until 2012. But the talks could also end on Saturday or even on Sunday.

Once they are finished reports on the results would be sent to euro zone capitals.

SATURDAY, MAY 1

Key French ministers, including Economy Minister Christine Lagarde, meet President Nicolas Sarkozy on May 1 at 0800 GMT to discuss an aid plan for Greece and the financial market situation.

Strike in Greece. Shops and stores will be closed. Disruptions to public transport.

SUNDAY, MAY 2

Euro zone finance ministers are to hold a teleconference on the Greek reform and loan package, which, according to German parliamentarians briefed by IMF chief Dominique Strauss-Kahn, could be worth 120-130 billion euros.

Like on April 11, it is possible that Eurogroup Chairman Jean-Claude Juncker and Economic and Monetary Affairs Commissioner Olli Rehn could hold a briefing after the Eurogroup talks to announce details of the package -- how much money Greece can count on and from whom until 2012 and in exchange for what reforms.

MONDAY, MAY 3

German government meets, to discuss Greece and give its approval to a draft law on providing loans to Greece. The government will then try to push the law through the lower house of the German parliament by Friday, May 7.

Once the details of the 2010-2012 loan package are known, all euro zone countries can push forward with legislation to be able to pay out the money by May 19 if and when needed.

MONDAY-FRIDAY, MAY 3-7

Greek parliament is likely to debate and vote on any additional austerity measures that are to be announced under the bailout package. The government also plans to submit to parliament a pension reform law, but the exact date or provisions of law are not known.

WEDNESDAY, MAY 5

Greece to hold a general 24-hour strike in the private and public sectors in protest against austerity measures. Teachers to hold a 48-hour strike on May 4-5.

European Commission to publish its forecasts for GDP, unemployment, inflation, current account as well as debt and deficit for 27 members of the European Union for 2010-2011 -- including forecasts for the debt and deficit of Greece, Portugal, Spain, Ireland and Italy.

FRIDAY, MAY 7

Upper house of German parliament to vote on the law allowing for loans to Greece. Once the law is passed by the upper house, in which the ruling coalition has majority, the money can be paid out.

MONDAY, MAY 10

European Union President said on April 28 in Tokyo that he would call a meeting of euro zone leaders around May 10 to activate the Greek package.

WEDNESDAY, MAY 12

European Commission to make a proposal on how to strengthen European Union budget rules and economic surveillance in the euro zone to avoid crises like the Greek one in the future. The Commission is also to propose a permanent crisis resolution mechanism that would allow the euro zone to deal with such problems in the future, should they arise after all.

WEDNESDAY, MAY 19

Greece has to pay back 8.5 billion euros in maturing debt -- it has to have the euro zone and IMF loans by then.

(Additional reporting by Paul Carrel in Berlin and Harry Papachristou in Athens and Emmanuel Jarry in Shanghai)

(Reporting by Jan Strupczewski, editing by Toby Chopra)

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