Monday, July 6, 2015

Greek debt crisis timeline

From Wikipedia, the free encyclopedia
The Greek debt crisis began in 2009 and is still ongoing. During this period many changes have occurred in Greece. The income of Greeks has been reduced, the political situation has changed radically, unemployment has been increased, many austerity bills have been approved by Greek parliament and the protests and riots are very frequent. Below is a brief summary of some of the main events since the Greek elections of October 2009.
  • 8 December 2009 – Greece's credit rating downgraded by Fitch to BBB+ from A-.[4]

2010[edit]

  • 21 January 2010 – Greek-German 10-year debt yield spread surpasses 300 basis points.[7][8]
  • 3 March 2010 – The Second austerity package is passed by the Greek parliament. Measures include: a freeze in pensions; an increase in VAT from 19% to 21%; rises in taxes on fuel, cigarettes and alcohol; rises in taxes on luxury goods; and cuts in public sector pay.[10][11]
  • 9 April 2010 – Greece's credit rating downgraded by Fitch to BBB-minus category from BBB+.[12]
  • 22 April 2010 – Greece’s credit rating downgraded by Moody’s to A3 from A2.[13]
  • 23 April 2010 – Greece formally requests an international bailout via Prime Minister George Papandreou. The EU, ECB and IMF will participate in the bailout.[14]
  • 14 June 2010 – Greece’s credit rating is downgraded by Moody’s to Ba1 from A3.[21] The downgrade follows a previous downgrade on 27 April 2010.[15]
  • 7 July 2010 – The Greek parliament passes pension reform, a key requirement of the EU/IMF.[22][23] Measures include: increasing retirement age from 60 to 65 for women. The reforms cut prospective payments from 25% of GDP by 2050.[24] Additional pension reforms come in November 2012.[23]
  • 15 December 2010 – The Greek parliament passes a new law regarding public companies. The law sets a cap on monthly wages and introduces 10 percent cuts on salaries above 1,800 euro.[25]
  • 23 December 2010 – Greece’s parliament approved the 2011 austerity budget.[26]

2011[edit]

  • 14 January 2011 – Fitch downgraded Greek credit rating to BB+ from BBB-.[27]
  • 7 March 2011 – Moody’s downgraded Greek credit rating to B1 from Ba1.[28]
  • 29 March 2011 – Standard and Poor’s downgraded Greek credit rating to BB minus.[29]
  • 9 May 2011 – Standard and Poor’s downgraded Greek credit rating to B from BB minus.[30]
  • 20 May 2011 – Fitch downgraded Greek credit rating to B+ from BB+.[31]
  • 25 May 2011 – The Greek Indignant Citizens Movement (also known as the Square Movement) started daily protests. It was inspired by Spanish similar movement.[32]
  • 1 June 2011 – Moody's downgrades Greece to Caa1 from B1.[33]
  • 13 June 2011 – Standard and Poor’s downgraded Greece to lowest rate.[34]
  • 29 June 2011 – The Fourth austerity package is passed by the Greek parliament despite protests outside the parliament building. The two-day demonstrations against the bill, turned violent as protestors clashed with police in front of the Greek parliament and other areas of central Athens. The measures included new taxes and new cuts of worker's wages.[37][38][39]
  • 13 July 2011 – Fitch downgraded Greek credit rating to CCC from B+.[40][41]
  • 25 July 2011 – Moodys downgraded Greek credit rating to Ca- category.[42]
  • 27 July 2011 – Standard and Poor’s downgraded Greece to CC level from CCC.[43]
  • 8 August 2011 – Athens Stock Exchange general index falls below the 1000 points, the lowest level since January 1997.[44]
  • 11 September 2011 – The government imposed a new property tax to be collected through the electricity bill.[45]
  • 27 October 2011 – The investors agreed to a "haircut" of 50% in converting their existing bonds into new loans.[48]
  • 28 October 2011 – An anti-austerity protest in Thessaloniki forced the cancellation of the parade on the commemoration of 28 October (a national holiday). Similar incidents occurred in several other Greek cities.[49][50]
  • 31 October 2011 – Greek Prime Minister George Papandreou called for a confidence vote and a referendum to approve last week's EU summit deal about the Greek debt haircut.[51]
  • 4 November 2011 – George Papandreou won the confidence vote with 153 votes in favour and 145 votes against.[52]
  • 6 November 2011 – Prime Minister George Papandreou resigned.[53]
  • 10 November 2011 – Lucas Papademos became the New Greek Prime Minister, leader of the three party’s coalition government consisting of parties PASOK, ND and LAOS.[54]
  • December 2011 – Greece's private TV channel Alter stopped broadcasting because of financial difficulties.

2012[edit]

  • 21 February 2012 – The Second bailout package is finalized. It brings the total amount of Eurozone and IMF bailouts to €246 billion by 2016, which is 135% of Greece's 2013 GDP[57]
  • 9 March 2012 – Greek 10-year bond yields[58] reach peak of 44.21% on eve of debt restructuring.[59] 83,5% of Greek bondsholders are in the private sector[citation needed].
  • 4 April 2012 – A retired pharmacist commits suicide a short distance from Greece's parliament as an act of protest against austerity politics. He immediately becomes a symbol for groups opposing the austerity measures, and violent clashes between police and demonstrators erupt in Athens.[60]
  • 6 May 2012 – The election is held. The New Democracy party wins, but with a smaller share of the popular vote and fewer seats than it had in the previous election. The governing PASOK party collapses, while more votes go to the the left wing (Syriza, KKE, and DIMAR) and right wing (ANEL, XA). No party wins the majority of the parliament seats.[61]
  • 16 May 2012 – It becomes clear that no coalition government will be formed. Panagiotis Pikramenos assumes the position of caretaker Prime Minister. An early election is called for the 17th of June.[62]
  • 17 June 2012 – The early election is held. The New Democracy party leads, winning 29.7% of votes, but it doesn't win a majority of seats in parliament. Four days later, a coalition government is formed between New Democracy, PASOK and theDIMAR. Antonis Samaras, the president of New Democracy, becomes the new Prime Minister of Greece.[64][65]
  • 7 November 2012 – The Sixth austerity package is adopted by the Greek parliament. The austerity measures are required for Greece to receive the next installment, the second economic bailout, worth €31.5 billion. A big protest occurs outside the parliament.[66][67] Austerity measures include: public pension cuts on average between 5% and 15% through the removal of two seasonal bonuses;[23] increase of the retirement age from 65 to 67;[23][24] additional wage cuts for civil servants up to 20%; and public salary wage cuts up to 30%.
  • 11 November 2012 – Greece passes the 2013 austerity budget.[68]

2013[edit]

  • 28 April 2013 – The parliament approves a reform bill; it abolishes 15,000 state jobs by the end of 2014, including 4,000 in 2013, makes it easier to fire civil servants, increases the working hours of teachers, and cuts a property tax by 15%[69]
  • 11 June 2013 – The Greek government shuts down the country's Public Broadcasting Service ERT.[70]
  • 21 June 2013 – Democratic Left withdraws from the Greek coalition government. The government retains a razor-thin majority in parliament.[71][72]
  • 24 June 2013 – Greek Prime Minister Antonis Samaras reshuffles his cabinet.[73]
  • 21 December 2013 – A bill on the Single Property Tax and the auction of houses is approved by a majority of 152 deputies in the 300-seat chamber.[75]

2014[edit]

  • 14 Jan 2014 – Greece posts a primary budget surplus (excluding interest payments) of 1.5% of GDP for the 2013 financial year[57] (€691 million).[76]
  • 30 March 2014 – The Greek parliament passes a new multi-bill which needed to pass for Greece to receive its next bailout payment. A member of parliment was expelled from the government for abstaining from the vote on one of the bill's two articles, leaving the government with an even smaller majority.[77][78]
  • 10 April 2014 – Greece returns to financial markets with the issue of €3 billion Eurobonds[79] at a yield < 6%[57]
  • 23 May 2014 – The Fitch rating agency upgrades Greece's credit rating to B from B-.[80]
  • 29 December 2014 – The government's candidate for the president (a largely ceremonial role), Stavros Dimas, fails to win majority support from parliament, and the government falls. This leads to snap parliamentry elections, to be held on 25 January 2015.[86]

2015[edit]

  • 25 January 2015 – The Greek legislative election is held. Syriza wins a historic victory.[87]
  • 26 January 2015 – Syriza and the Independent Greeks join to form a new coalition government. Alexis Tsipras is sworn in as the new Prime Minister.[88] Yanis Varoufakis becomes the new finance minister.[89]
  • 20 February 2015 – The Eurogroup brokers an agreement between Greece and the Eurozone for a four-month loan extension[90]
  • 4 June 2015 – Greece asks IMF to postpone the instalment due on the 5 June until the end of the month.[91]
  • 27 June 2015 – Alexis Tsipras announces a referendum on a bailout agreement, to be held on 5 July 2015.[92]
  • 28 June 2015 – The Greek parliament approves the referendum, with 178 votes for and 120 against.[93] Tsipras announces that Greek banks will remain closed for a while; he also announces the imposition of capital controls (€60/day withdrawal limit; most foreign transfers banned).[94][95]
  • 30 June 2015 – Greece misses a payment on an IMF loan and falls into arrears.[96] (Note that missed payments to the IMF are not considered formal defaults by the major credit rating agencies.)[97]
  • 1 July 2015 – 1,000 bank branches open to allow pensioners to withdraw €120/week.[98]
  • 5 July 2015 – Greek bailout referendum is held. Over 61% say 'No' to the proposed measures by the EU.
https://en.wikipedia.org/wiki/Greek_debt_crisis_timeline
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