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Key dates of the Greek debt crisis

02 July 2011, 21:46 CET
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(BRUSSELS) - Here are key dates of the Greek debt crisis:

-- 2010 --

April 23: With investors demanding prohibitive rates to lend money to Greece, Prime Minister George Papandreou requests financial aid from the European Union and International Monetary Fund.

May 2: The EU and IMF approve a 110-billion-euro ($160 billion) bailout over three years on condition that Athens implement draconian austerity measures.

May 5: Violent protests against austerity in Greece. Three people die after a bank is set on fire.

May 6: The Greek parliament adopts austerity measures, cutting public sector wages and raising the retirement age.

-- 2011 --

February 23: First general strike of the year marred by violence.

April 15: The socialist government unveils a new tough budget programme running to 2015.

May 9: Standard & Poor's cuts its debt rating for Greece. Fellow ratings agencies Moody's and Fitch follow suit on May 20 and June 1.

May 23: The government proposes 28.4 billion euros in budget cuts and tax hikes.

June 3: The EU and IMF give only conditional approval to release the next fifth tranche, 12 billion euros, from the Greek bailout. The eurozone begins to prepare a second bailout, hoping this time to convince banks to participate on a voluntary basis.

June 15: New general strike in Greece following protests on three consecutive Sundays.

June 17: Papandreou, under pressure from the street and his own party over the austerity plan, reshuffles his cabinet, naming Evangelos Venizelos as his new finance minister in place of George Papaconstantinou.

June 20: The eurozone tells Greece it must approve the new austerity measures in order to get the 12-billion-euro tranche it needs by mid-July.

June 23-24: Papandreou says his country needs a new bailout worth around 110 billion euros.

June 27: France tables a proposal for banks to participte in a new Greek bailout.

June 28: The Greek parliament opens debate on the austerity programme despite a general strike and protests.

June 29-30: The parliament adopts the measures. European leaders say the conditions are met for Greece to receive the 12 billion euros.

July 2: Eurozone finance ministers agree to release the fifth aid tranche.


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