Nov 16 Here is a chronology of events
since former Prime Minister George Papandreou first sealed a
financial bailout deal for Greece in 2010.
May 2, 2010 - Papandreou says he has sealed a deal with the
EU and IMF, opening the door for a bailout in return for extra
budget cuts of 30 billion euros ($43 billion) over three years.
The package represents the first rescue of a euro zone
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 austerity bill.
May 10 - Global policymakers install emergency safety net
worth about $1 trillion to bolster international financial
markets and prevent Greek crisis from damaging the euro. This
includes 440 billion euros in guarantees from euro zone
states. EU finance ministers say the IMF will contribute 250
May 18 - Greece receives a 14.5 billion euro loan from the
EU and can repay immediate debt.
July 7 - Parliament passes pension reform, a key
requirement of the EU/IMF deal, and raises women's retirement
age from 60 to match men at 65.
May 11 - EU and IMF inspectors arrive in Athens to press
Greece to shore up finances and to determine if country will get
a fifth aid tranche of 12 billion euros.
May 23 - Greece unveils series of privatisations, part of
its goal to raise 50 billion euros by 2015 to reduce its debts.
June 8 - Greece agrees to extra austerity measures and
savings up to 2015 to cut deficits and to keep receiving aid.
June 13 - Greece gets the lowest credit rating in the world
after S&P downgrades it by three notches, to CCC from B.
June 17 - Papandreou reshuffles cabinet, appoints Evangelos
Venizelos, his main party rival, as new finance minister. The
new cabinet wins confidence vote on June 22.
June 29 - Papandreou wins parliamentary majority in favour
of five-year austerity plan, winning access to new funding.
July 8 - IMF approves disbursement of about 3.2 billion
euros to help Greece pay debts due this month.
July 21 - Euro zone leaders agree on second rescue package
with extra 109 billion euros of government money, plus
contribution by private sector bondholders estimated to
total as much as 50 billion euros by mid-2014.
Sept. 21 - Greece adopts more austerity measures, including
cutting high pensions by 20 percent.
Sept. 27 - Greece passes an unpopular property tax.
Oct. 2 - Government draft budget figures say Greece will
miss a deficit target set just months earlier. The 2012 draft
budget is approved by cabinet and predicts a deficit of 8.5
percent of GDP for 2011, short of target.
Oct. 5 - Public sector workers strike for 24 hours.
Oct. 21 - Greece approves more austerity measures, defying
violent protests in Athens and a general strike which
shuts down much of the country. At least 74 people
Oct. 27 - Euro zone leaders reach a deal with private banks
and insurers for them to accept a 50 percent loss on their Greek
government bonds under a plan to lower Greece's debt burden.
Oct. 31 - Papandreou calls a referendum on the latest
bailout without consulting European leaders.
Nov. 2 - He wins cabinet backing for the referendum on the
130-billion-euro bailout package.
French President Nicolas Sarkozy and German Chancellor
Angela Merkel tell Papandreou Athens will not receive any more
aid until it votes to meet its commitments to the euro zone.
Nov. 3 - Finance Minister Venizelos comes out against the
Nov. 4 - After intense pressure from European leaders, the
government confirms it has dropped referendum plans.
Nov. 5 - Papandreou survives a parliamentary confidence vote
in the early hours, avoiding snap elections which would have
torpedoed Greece's debt crisis bailout deal. He suggests a
coalition to save Greece from bankruptcy.
Nov. 6 - Papandreou seals a deal with the opposition to form
a coalition to approve the bailout before early elections. Under
the agreement, Papandreou will stand down.
Nov. 9 - Greek political leaders agree on a new government,
Papandreou steps down.
Nov. 10 - Former European Central Bank vice-president Lucas
Papademos is to head Greece's new crisis coalition. The new
government is sworn in the next day.
Papademos says the coalition will implement the bailout deal
with the euro zone before calling elections.
Nov. 14 - Conservatives vow to reject any new austerity
measures in return for the aid keeping Athens from bankruptcy.
Nov. 16 - The Greek government won a vote of confidence.