Greek debt crisis timeline

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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, the 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.

2009[edit]

  • 20 October 2009George Papaconstantinou, finance minister in Greece’s new socialist government, disclosed that the nation’s deficit would soar this year to almost 12.5 per cent of gross domestic product.[2]
  • 22 October 2009Fitch rating agency downgrades Greece's credit rating to A- from A.[3]
  • 8 December 2009Fitch rating agency downgrades Greece's credit rating to BBB+ from A-.[4]
  • 23 December 2009Moody’s rating agency downgrades Greece to A2 category from A1.[6]

2010[edit]

  • 21 January 2010 – Greek/German 10-year debt yield spread surpasses 300 basis points.[7]
  • 9 February 2010 – The parliament approved the first austerity package measures that included a freeze in the salaries of all government employees, a 10% cut in bonuses, as well as cuts in overtime workers.[8]
  • 3 March 2010 – The parliament passed a new major austerity package measures. The measures included: Pensions freezes, an increase in sales tax from 19% to 21%, rises in taxes on fuel, cigarettes and alcohol, rises in taxes on luxury goods, cuts in public sector pay.[9][10]
  • 9 April 2010 – Fitch downgraded Greek credit rating to BBB-minus category from BBB+.[11]
  • 22 April 2010 – Moody’s downgraded Greece’s credit rating to A3 from A2.[12]
  • 28 April 2010 – Greek/German 10-year debt yield spread surpassed 1000 basis points.[15]
  • 2 May 2010 – Papandreou, the IMF, and euro-zone leaders agree to a €110 billion ($143 billion) bailout package that would take effect over the next three years. The government announced the new austerity package measures.[16]
  • 6 May 2010 – The Greek parliament passed the new austerity package measures. The bill passed with 172 votes in favour and 121 against, with the votes of governing party (without three deputies) and the party LAOS.[18][19]
  • 14 June 2010 – Moody’s downgraded Greece’s credit rating to Ba1 from A3.[20]
  • 7 July 2010 – Parliament passes pension reform, a key requirement of the EU/IMF.[21]
  • 15 December 2010 – The parliament passed the law for public companies. The law sets a cap on wage monthly as well as cuts by 10 percent the salaries above 1,800 euro.[22]
  • 23 December 2010 – Greece’s parliament approved the 2011 austerity budget.[23]

2011[edit]

  • 14 January 2011 – Fitch downgraded Greek credit rating to BB+ from BBB-.[24]
  • 7 March 2011 – Moody’s downgraded Greek credit rating to B1 from Ba1.[25]
  • 29 March 2011 – Standard and Poor’s downgraded Greek credit rating to BB minus.[26]
  • 9 May 2011 – Standard and Poor’s downgraded Greek credit rating to B from BB minus.[27]
  • 20 May 2011 – Fitch downgraded Greek credit rating to B+ from BB+.[28]
  • 25 May 2011 – The Greek Indignant Citizens Movement also known as Square Movement was started the daily protests. It was inspired by Spanish similar movement.[29]
  • 1 June 2011 – Moody's downgrades Greece to Caa1 from B1.[30]
  • 13 June 2011 – Standard and Poor’s downgraded Greece in lowest rated.[31]
  • 29 June 2011 – The Greek parliament passed the new austerity package measures despite the big 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 bill passed with 155 votes in favour and 138 against. The measures included new taxes and new cuts of worker's wages.[34][35][36]
  • 13 July 2011 – Fitch downgraded Greek credit rating to CCC from B+.[37][38]
  • 25 July 2011 – Moodys downgraded Greek credit rating to Ca- category.[39]
  • 27 July 2011 – Standard and Poor’s downgraded Greece to CC level from CCC.[40]
  • 8 August 2011 – The bourse's general index fell below the 1000 points, the lowest level since January 1997.[41]
  • 11 September 2011 – The government imposed a new property tax that be collected through electricity bill.[42]
  • 20 October 2011 – Greece government passed the multi-austerity bill, amid protests and violent riots outside the parliament building.[43][44]
  • 27 October 2011 – The investors agreed a "haircut" of 50% in converting their existing bonds into new loans.[45]
  • 28 October 2011 – An anti-austerity protest in Thessaloniki forced the cancellation of the parade on the commemoration of 28 October (national holiday). Similar facts occurred in several other Greek cities.[46][47]
  • 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.[48]
  • 4 November 2011 – George Papandreou won the confidence vote with 153 votes in favour and 145 votes against.[49]
  • 6 November 2011 – Prime Minister George Papandreou resigned.[50]
  • 10 November 2011Lucas Papademos became the New Greek Prime Minister, leader of the three party’s coalition government, consisted by parties PASOK, ND and LAOS.[51]
  • December 2011 – Greece's private TV channel Alter stopped broadcasting due to financial difficulties.

2012[edit]

  • 12 February 2012 – The parliament passed a new austerity package measures amid violent protests. Many buildings in the centre of Athens were burnt during the riots.[52][53]
  • 9 March 2012 – The private sector participation reached 83,5% of Greek bond holders.
  • 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.[54]
  • 6 May 2012 – The election was held. The New Democracy party won but it reduced its rates. The governing party PASOK collapsed while radical left party and far right party had increase of their rates. Neither of the parties won the majority of the parliament seats. So was announced early election in June.[55]
  • 25 May 2012 – The bourse general index fell below the 500 points.[57]
  • 17 June 2012 – The early election was held. The New Democracy party won with a 29.7% of votes but didn’t concentrate the majority of the parliament seats. Four days later, it was formed a coalition government with the participation New Democracy, PASOK and DIMAR. Antonis Samaras, the president of New Democracy, became the new Prime Minister of Greece.[58][59]
  • 5 November 2012 – The Greek parliament adopted a new round of austerity cuts that are required for Greece to receive the next installment of the international economic bailout. A big protest occurred outside the parliament.[60][61]
  • 11 November 2012 – Greece passes the 2013 austerity budget.[62]

2013[edit]

  • 28 April 2013 – The parliament approved a bill that included cut some 15,000 state jobs by the end of next year, including 4,000 in 2013.[63]
  • 11 June 2013 – The Greek government closed down the country's Public Broadcasting Service ERT.[64]
  • 21 June 2013Democratic Left withdrew from Greek coalition government. The government kept a razor-thin majority in parliament.[65][66]
  • 24 June 2013 – Greek Prime Minister Antonis Samaras reshuffled his cabinet.[67]
  • 17 July 2013 – The Greek parliament approves new austerity measures including a contentious plan for thousands of layoffs and wage cuts for civil service workers.[68]
  • 21 December 2013 –The bill about the new tax property and the auction of houses was approved by a majority of 152 deputies in the 300-seat chamber.[69]

2014[edit]

  • 30 March 2014 – The Greek parliament passed a new multi-bill that needed to pass, so as Greece receive its next bailout. A deputy of government's majority was expelled by Samaras, because he didn't support an article of the bill.[70]
  • 10 April 2014 – Greece returned to financial markets, with the issue of 3 billion Eurobonds.[71]
  • 23 May 2014 – Fitch rating agency upgrades Greece's credit rating to B from B-.[72]
  • 9 June 2014 – New cabinet reshuffle. The professor Gikas Hardouvelis was named as finance minister.[74]

Unemployment[edit]

quarter rate
Source: EL.STAT.[75]
rate
Source: Eurostat[76]
2010A 11.7
2010B 11.8
2010C 12.4
2010D 14.2
2011A 15.9 15.3
2011B 16.3 16.7
2011C 17.7 18.2
2011D 20.7 20.9
2012A 22.6 21.9
2012B 23.6 23.9
2012C 24.8 25.4
2012D 26.0 26.1
2013A 27.4 26.6
2013B 27.1 27.4
2013C 27.0 27.6
2013D 27.5 27.6

Quarterly GDP growth rate[edit]

quarter rate
Source:EL.STAT.[77]
GDP rate by year
Source:Eurostat[78]
2008 I 0.1 -0.2
2008 II 0.1
2008 III -0.1
2008 IV -0.9
2009 I -4.2 -3.1
2009 II -3.6
2009 III -3.0
2009 IV -1.9
2010 I -1.0 -4.9
2010 II -2.8
2010 III -6.6
2010 IV -9.0
2011 I -8.8 -7.1
2011 II -7.9
2011 III -4.0
2011 IV -7.9
2012 I -6.7 -7.0
2012 II -6.4
2012 III -6.7
2012 IV -5.7
2013 I -5.6 -3.9
2013 II -3.8
2013 III -3.0
2013 IV -2.6
2014 I -0.9
2014 II -0.2
2014 III 1.7

Government budget balance and debt[edit]

Year Deficit as a % of GDP
Source:Eurostat[79]
Debt as a % of GDP
Source:Eurostat[80]
2008 -9.8 112.9
2009 -15.7 129.7
2010 -10.9 148.3
2011 -9.6 170.3
2012 -8.9 157.2
2013 -12.7 175.1

The elections of the crisis[edit]

Political position/
Ideology
Political Party 2009
Legislative Elections
2012 May
Legislative Elections
2012 June
Legislative Elections
2014
European Elections
% (votes) % (votes) % (votes) % (votes)
Communist Communist Party of Greece 7.54 (517,154) 8.48 (536,105) 4.50 (277,227) 6.11 (349,255)
ANTARSYA 0.36 (24,737) 1.19 (75,416) 0.33 (20,416) 0.72 (41,307)
Left Wing Coalition of the Radical Left 4.60 (315,627) 16.79 (1,061,928) 26.89 (1,655,022) 26.57 (1,518,608)
Centre-Left PASOK/Olive Tree 43.92 (3,012,373) 13.18 (833,452) 12.28 (756,024) 8.02 (458,403)
Democratic Left 6.11 (386,394) 6.25 (384,986) 1.20 (68.873)
Social Agreement 0.96 (60,552)
The River 6.60 (377,438)
Ecologist Ecologist Greens 2.53 (173,449) 2.93 (185,485) 0.88 (54,408) 0.90 (51.673)
Liberatist Drassi 1.80 (114,066)
Recreate Greece 2.15 (135,960)
Democratic Alliance 2.55 (161,550)
Drassi/Recreate Greece 1.59 (98,140) 0.91 (51.749)
Greek European Citizens 1.40 (82,350)
Centre-Right New Democracy 33.48 (2,295,967) 18.85 (1,192,103) 29.66 (1,825,497) 22.72 (1,298,713)
Right Wing Independent Greeks 10.62 (671,324) 7.51 (462,406) 3.46 (197,701)
Union for the Fatherland and the People 1.04 (59.341)
Far Right Popular Orthodox Rally 5.63 (386,152) 2.89 (182,925) 1.58 (97,099) 2.69 (154.027)
Golden Dawn 0.29 (19,636) 6.97 (440,966) 6.92 (426,025) 9.39 (536,910)

See also[edit]

References[edit]

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External links[edit]