Key dates in Greece's debt crisis

(ATHENS) - The Greek government, facing a "wartime" challenge, was to announce tough new austerity measures Wednesday to confront what Prime George Papandreou called the "nightmare of bankruptcy," the latest twist in a drama that has unfolded since his election last year.

Here are the key dates in the crisis and some important upcoming deadlines:

October 4, 2009: Papandreou, the Socialist opposition leader, wins a resounding victory in a general election, promising to rescue the economy.

October 16, 2009: Papandreou warns parliament that the country's finances are in "a state of emergency" after reports of a ballooning public deficit.

November 13, 2009: Greece reveals it has in fact been in recession during 2009 and blames the previous Conservative government for misreporting data.

December, 2009: The world's three main credit ratings agencies, Fitch, Standard & Poor's and Moody's, downgrade Greece's sovereign debt.

December 14, 2009: Papandreou outlines sweeping public spending cuts to bring down the deficit after EU pressure but investors react sceptically.

January 22: Greek bond yields -- the interest rate the government must pay to sell debt -- hit their highest level since Greece adopted the euro in 2001.

February 3: The European Commission gives its approval to Greece's austerity plans and unveils a system of unprecedented controls to monitor progress.

February 11: EU leaders pledge solidarity with Greece at an emergency meeting in Brussels but offer few hints on any potential financial assistance.

February 24: A 24-hour general strike brings Greece to a standstill. Police clash with hundreds of protesters as tens of thousands take to the streets.

February 26: Papandreou warns that Greece risks possible bankruptcy unless strict austerity measures are implemented.

March 3: Greek television says a new government's anti-crisis package will include a 2.0 percent hike in sales tax, a pension freeze and a cut in holiday allowance for civil servants.

March 16: The European Commission is to deliver its verdict on Greece's progress in cutting its deficit as public sector workers hold a major strike.

May: Greece needs to redeem debt totalling 20 billion euros (27 billion dollars) by May and to raise 55 billion euros by the end of the year.