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The debt crisis in the eurozone

29 September 2011, 15:22 CET
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(PARIS) - Key dates in the latest phase of Europe's financial crisis:

JULY

- 21: Eurozone leaders agree on a new bailout of Greece totalling 159 billion euros ($216 billion) and for the first time involving private bondholders such as banks.

The also agree to boost the eurozone's bailout fund, European Financial Stability Facility (EFSF), to 440 billion euros and give it new tools to fight a spread of the debt crisis.

AUGUST

- 3: Borrowing costs for Italy and Spain hit record highs.

- 10: Concern emerges that France could be the next country to suffer a debt crisis.

- 11: Trading authorities in France, Italy, Spain and Belgium restrict the financial technique known as "short selling".

- 12: Italy's cabinet approves an austerity budget.

- 15: The European Central Bank (ECB) says it bought a record 22 billion euros of government bonds, mainly to support Italy and Spain.

- 16: France and Germany vow to give the eurozone bloc a "true economic government" and to hold eurozone members to a tougher fiscal standard.

- 24: France in its turn unveils a deficit-cutting package.

SEPTEMBER

- 2: European Union and International Monetary Fund auditors visit Greece and say the country has failed to meet conditions for more rescue funding.

- 7: Spain approves a "golden rule" in its constitution to keep future budget deficits to a strict limit. It is only the second country to do so after Germany.

- 9: ECB chief economist Juergen Stark resigns, with the bank split over bond buying.

- 11: Greece announces new budget cuts, with renewed rumours of a debt default or its possible exit from the eurozone.

- 14: Moody's ratings agency downgrades top French banks Societe Generale and Credit Agricole.

- Italy's parliament endorses the government's 54.2-billion-euro austerity package.

- 15: The world's main central banks take concerted action to help the eurozone.

- Finance ministers from the eurozone and the EU hold an inconclusive meeting in Poland in the presence of US Treasury Secretary Timothy Geithner.

- 16: Spain reports its public debt at a 14-year high.

- 18: The Greek government announces a new round of austerity measures for next year.

- 20: The Standard & Poor's ratings agency downgrades Italy's sovereign debt rating.

- 22: Workers in Greece hold the latest in a series of strikes to protest austerity measures.

- 24: Responding to expressions of concern from world powers and also the IMF, eurozone leaders commit themselves to ensuring the zone's overall stability.

- 29: The parliament in Germany, the eurozone's richest member, votes to boost the EFSF.


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