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FACTBOX-Next events in euro zone debt crisis
March 19, 2010 / 12:42 PM / 8 years ago

FACTBOX-Next events in euro zone debt crisis

March 19 (Reuters) - Greek Prime Minister George Papandreou has urged EU heads of state and government to make a clear pledge of financial support at a summit in Brussels next Thursday and Friday and said Greece could turn to the IMF instead as a last resort.

Greece shocked markets in October by revealing its budget deficit would reach 12.7 percent of gross domestic product in 2009, raising borrowing costs and weighing on the euro currency.

It unveiled extra austerity measures earlier this month to cut its deficit to 8.7 percent of GDP this year. [ID:nSGE6230AF]

Euro zone members Portugal and Spain also had big 2009 deficits of 9 percent or higher. Here are some details on forthcoming events in Greece as well in Portugal and Spain:

* GREECE:

REFORM:

-- March -- A new tax bill is expected to go to parliament next week. [ID:nLDE62F2796]

-- April -- Government plans to bring a pension reform bill to parliament, increasing the effective retirement age to 63 from 61 by 2015.

STRIKES:

-- Greek civil servants are planning more strikes for 24 hours in March or April to protest against austerity measures aimed at tackling the country’s worst financial crisis in decades.

ECONOMIC INDICATORS:

March 18 -- National Statistics Service (NSS) releases Q4 unemployment figures.

March 19 -- Bank of Greece releases data on the country’s current account deficit in January.

EVENTS:

-- March 18 -- BRUSSELS - Prime Minister George Papandreou addresses European Parliament’s special committee on financial crisis.

-- March 25 -- BRUSSELS - European Council summit. Through to March 26. Prime Minister George Papandreou to participate.

ROADSHOWS:

-- Greece is considering roadshows to the United States and Asia, including China and Japan, aiming to diversify its debt investor base, now largely European. Originally planned for early March, the roadshows have been pushed back to a later date.

BIG DEBT MATURITIES:

April 20 - Government has to refinance 8.2 billion euros of a maturing five-year, 3.1 percent fixed-coupon government bond.

April 23 - Another 1.92 billion euros of short-term debt becomes due -- 13-week T-bills issued in January this year.

May 19 - Greece will need to refinance 8.5 billion euros of a maturing 10-year fixed-coupon 6.0 percent bond.

* PORTUGAL:

GROWTH AND STABILITY PACT DEBATE:

March 25 -- Parliament to debate Socialist government’s long-term plan to cut public deficit to 2.8 percent in 2013 from 8.3 percent of GDP this year. The government wants a vote to obtain wider political support for the plan from the opposition and convert it into law.

GOVERNMENT DEBT SUPPLY:

April 7 -- IGCP debt agency holds second of two 12-month t-bill auctions (new issue) with a total of 1.5-2 billion euros to be offered.

During Q1 (dates to be specified):

Gross treasury bond issuance of 5.5 billion euros to 6.5 billion euros, including the launch of a new bond through syndication of between 3 billion euros and 4 billion euros.

OTHER POLITICAL EVENTS:

March 26 -- Largest opposition party, the centre-right PSD, holds leadership elections.

* SPAIN:

March 23 -- Spain to auction 3 and 6 month Treasury bills.

March 24 -- Trade balance data for Jan.

March 24 -- The Bank of Spain Gov. Miguel Angel Fernandez Ordoñez to address conference in Valencia.

March 30 -- Retail Sales yy for Feb.

March 30 -- HICP y/y Flash for March.

Source: Reuters bureaux:

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