TIMELINE-Greece's debt crisis

Wed Jun 22, 2011 6:34am EDT

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Greece's embattled Prime Minister, George Papandreou, and his
government survived a confidence vote on Wednesday that was
crucial to avoiding a sovereign default. 	
 Here is a timeline of economic events since Papandreou first
sealed a bailout deal in May 2010:  	
 May 2, 2010 - Papandreou says Greece has sealed a deal with
EU and IMF, opening door to a bailout in return for extra budget
cuts of 30 billion euros ($43 billion) over three years.  	
-- Three-year package amounts to 110 billion euros and
represents first rescue of a euro zone member.  	
 May 4/5 - Public sector workers stage 48-hour nationwide
strike. Three people are killed when a bank is set on fire.  	
 May 6 - Greek parliament approves latest austerity bill.  	
 May 9 - The IMF unanimously approves its part of the rescue
loans, with 5.5 billion euros being provided immediately.  	
 May 10 - Global policymakers install an emergency safety net
worth about $1 trillion to bolster international financial
markets and prevent the Greek crisis from damaging the euro.  	
 -- It consists of 440 billion euros in guarantees from euro
zone states, plus 60 billion euros in European debt instruments.
EU finance ministers say the IMF will contribute a further 250
billion euros.  	
 May 18 - Greece receives a 14.5 billion euro ($18.7 billion)
loan from the EU and can now repay its immediate debt.  	
 July 7 - Greek parliament passes pension reform, a key
requirement of the EU/IMF deal, cutting benefits, curbing
widespread early retirement and raising women's retirement age
from 60 to match men at 65.  	
 Aug. 5 - EU and IMF inspectors give Greece the green light
for a fresh 9 billion euro tranche from the bailout.  	
 September - The IMF says Greece is ahead of schedule in
economic reform and it will disburse an additional 2.57 billion
euros under a standby loan.  	
 Oct. 4 - Greece submits a 2011 draft budget to parliament
pledging to cut the 2011 budget deficit faster than agreed in
the IMF/EU bailout deal.  	
 Jan. 2011 - Fitch becomes the third ratings agency to cut
Greek debt to "junk" status after S&P and Moody's.  	
 Feb. 11 - EU and IMF inspectors approve a fresh tranche of
15 billion euros of bailout funds.  	
 May 11 - EU and IMF inspectors arrive in Athens to press
Greece to shore up its finances and determine if the country
will get a fifth aid tranche of 12 billion euros.  	
 May 23 - Greece unveils a series of privatisations, part of
a goal to raise 50 billion euros by 2015 to pay down its debt.  	
 May 29 - Thousands of protesters denounce Greece's ruling
class and vent their anger at the IMF and its demands for yet
more belt-tightening.  	
 June 1 - Moody's slashes Greece's credit rating by three
notches to deep into junk territory.  	
 June 3 - Greece may get a vital slice of aid in July to
avoid default, international lenders say, as they end a
month-long review of their 110 billion euro bailout programme.  	
 June 8 - Greece agrees to 6.48 billion euros of extra
austerity measures for 2011 and savings up to 2015 to cut
deficits and keep getting aid, an official document shows.  	
 June 9 - The Greek government approves and submits to
parliament the mid-term fiscal and privatisation plan required
by the EU and the IMF to restore the country's finances.  	
 -- GDP tumbles 5.5 percent year on year in the first quarter
of 2011, official data shows.  	
 June 13 - Greece becomes the country with the lowest credit
rating in the world after S&P downgrades it by three notches, to
CCC, just four steps away from default, from B.   	
 June 17 - Papandreou reshuffles his cabinet, firing his
finance minister, to muster support for painful economic reforms
needed as the price of a second international bailout. Evangelos
Venizelos, Papandreou's main party rival, becomes new finance
minister. 	
 June 19 - Euro zone finance ministers say Greece has to
approve stricter austerity measures before a final decision is
made on a further 12 billion euros in loans.  	
 -- Papandreou asks Greeks to support the austerity steps and
avoid a "catastrophic" default.  	
 June 20 - Workers at Greek state utility PPC launch a
48-hour strike at midnight. They oppose government plans to sell
the company. In Athens, anti-austerity demonstrators gather in
the central square outside parliament.	
 June 22 - The new reshuffled government wins a vote of
confidence in parliament and can now aim to get approval for
package of spending cuts by June 28.	
 -- Protesters besiege the parliament, chanting slogans
against the politicians.       	
	
 	
 (Writing by David Cutler, London Editorial Reference Unit and
Renee Maltezou, Athens bureau; Editing by Paul Taylor) 
  	
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