Euro crisis : Timelines

October 2009 New Greek government elected.

5th November 2009 New Greek government ‘fess up. The budget deficit is 12.7% not 6%, as claimed by their predecessors!

20th November 2009 The European Central Bank tightened the rules for the collateral it accepts against loans, the new rules will come into force on March 1st 2010

December 2009 ECB says plans will not be delayed to help Greeks


Ratings agencies downgrade Greek debt


Greek Government begins undertaking first round of austerity measures

Febuary 2010 Hedge fund managers discuss how to profit from a Euro decline at a dinner party in New York

25th March 2010 ECB agrees to continue to accept BBB rated debt to help Greece

April 2010 Greeks activate EU-IMF bailout plan, promise harsh austerity measures

May 2010 With the market unimpressed with the original Greek bailout, European leaders agree a “shock and awe” Eurozone bail-out fund.