Nov 6 Here is a timeline of events since Prime
Papandreou first sealed a bailout deal for Greece in 2010.
May 2, 2010 - Papandreou says 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.
-- 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 austerity bill.
May 9 - IMF unanimously approves its part of rescue loans,
with 5.5 billion euros being provided immediately.
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. The net
consists of 440 billion euros in guarantees from euro zone
states, plus 60 billion euros in European debt instruments. EU
finance ministers say IMF will contribute 250 billion euros.
May 18 - Greece receives 14.5 billion euro ($18.7 billion)
loan from EU and can repay immediate debt.
July 7 - Greek parliament passes pension reform, key
requirement of the EU/IMF deal, which includes raising women's
retirement age from 60 to match men at 65.
Aug. 5 - EU and IMF inspectors give Greece green light for
fresh 9 billion euro tranche from bailout.
May 11 - EU and IMF inspectors arrive in Athens to press
Greece to shore up finances and to determine if country will get
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 pay down debt.
June 8 - Greece agrees to 6.48 billion euros of extra
austerity measures for 2011 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 by 155 votes to 138, clearing hurdle
to winning access to new international funding.
July 8 - IMF approves disbursement of about 3.2 billion
euros to help Greece pay debts due this month. This tranche
brings IMF disbursements to about 17.4 billion euros.
July 21 - Euro zone leaders agree on second rescue package
with extra 109 billion euros ($157 billion) 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 to
persuade IMF and EU it deserves the next 8-billion-euro tranche.
Sept. 29 - The "troika" team of inspectors begins talks on a
plan demanded by lenders to deepen budget cuts and raise taxes.
Oct. 2 - Government draft budget figures say Greece will
miss a deficit target set just months before in the massive
bailout package. The 2012 draft budget is approved by cabinet
and predicts a deficit of 8.5 percent of GDP for 2011, well
short of the 7.6 percent target.
-- The cabinet approves a measure creating a "labour
reserve" allowing 30,000 state workers to be placed on 60
percent pay and be dismissed after a year.
Oct. 5 - Public sector workers and state utilities employees
go on strike for 24 hours against anti-austerity measures in
action called by main labour unions ADEDY and GSEE.
Oct. 21 - Greece approves a set of austerity measures,
defying violent protests in Athens and a general strike which
shuts down much of the country, bringing more than 100,000
people to the streets in the last two days. At least 74 people
are injured and one man dies of a heart attack.
Oct. 27 - Euro zone leaders strike 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 with European leaders.
Nov. 2 - Papandreou wins cabinet backing to hold a
referendum on the 130-billion-euro ($178 billion) bailout
-- Later, French President Nicolas Sarkozy and German
Chancellor Angela Merkel tell Papandreou at a tough meeting in
Cannes that 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
referendum, saying Greece's euro membership was a historic
achievement and "cannot depend on a referendum".
-- Papandreou defies demands he resign over his decision to
hold a referendum and calls instead for his party to unite for a
confidence vote in the government.
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.
-- Papandreou later launches his campaign for 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.