TIMELINE-Pro-bailout conservaties win election in Greece


June 18 |
Mon Jun 18, 2012 4:21pm IST

June 18 (Reuters) – Here is a look at Greece’s financial
crisis in the last two years:


May 2 – Then prime minister George Papandreou says he has
sealed a bailout deal with the European Union and International
Monetary Fund in return for extra budget cuts of 30 billion
euros ($39 billion) over three years. The package represents the
first rescue of a euro zone member.

May 4/5 – Public sector workers stage a 48-hour nationwide
strike. Three people are killed when a bank is set on fire.

May 6 – Greek parliament approves the austerity bill.

May 10 – Global policymakers install an emergency safety net
worth about $1 trillion to bolster international financial
markets and prevent the crisis from damaging the euro. This
includes 440 billion euros in guarantees from euro zone states.

July 7 – Parliament passes a pension reform in line with the
EU/IMF deal, and raises women’s retirement age from 60 to 65.

Oct. 4 – Government submits a 2011 draft budget to
parliament promising to cut the deficit faster than agreed in
the IMF/EU bailout deal.


May 23 – Greece unveils planned privatisations as part of
its goal to raise 50 billion euros by 2015 to reduce debts.

June 13 – Greece gets the lowest credit rating in the world
after SP downgrades it by three notches, to CCC from B.

June 17 – Papandreou reshuffles his cabinet, appointing his
main party rival Evangelos Venizelos as new finance minister.
The new cabinet wins a confidence vote on June 22.

July 21 – Euro zone leaders agree on a second rescue with an
extra 110 billion euros of government money; private sector
bondholders will contribute some 50 billion euros by mid-2014.

Oct. 21 – Greece approves more austerity measures, defying
violent protests in Athens and a general strike.

Oct. 27 – Euro zone leaders beef up the rescue to an
estimated 130 billion euros. They persuade private banks and
insurers to accept a 50 percent loss on their Greek bonds – a
figure which in subsequent negotiations will rise to 74 percent.

Oct. 31 – In a shock move, Papandreou calls a referendum on
the latest bailout without consulting European leaders.

– France and Germany say Athens will receive no more aid
until parliament votes to meet its commitments to the euro zone.

Nov. 4 – After intense pressure from European leaders, the
government confirms it has dropped referendum plans.

Nov. 6 – Papandreou seals a deal with the opposition to form
a coalition to approve the bailout before early elections.

Nov. 10 – Former European Central Bank vice-president Lucas
Papademos is appointed to head a new coalition. He says Greece
will implement the bailout deal before calling elections.

Dec. 6 – Violence breaks out at protests outside parliament
in Athens. Some people are wounded and 38 people are arrested.

Dec 7 – The new coalition passes an austerity 2012 budget
aimed at cutting the deficit to 5.4 percent of GDP and at
creating a 2012 surplus before interest payments are taken into


Feb. 9 – The two main Greek coalition parties agree on
austerity terms of the new bailout demanded by the EU and IMF.

– Unemployment rises to 20.9 percent, a new record.

Feb. 12 – Greek lawmakers endorse a new austerity deal after
10 hours of debate while thousands protest in Athens.

Feb. 20/21 – Euro zone ministers agree the 130 billion euro
bailout, and finalise measures to cut Greece’s debt to 120.5
percent of GDP by 2020.

March 9 – Greece averts an uncontrolled default when it
agrees a bond swap deal with private creditors clearing the way
for bailout and cutting its debt by more than 100 billion euros.

May 6 – The national election produces a hung parliament
divided between supporters and opponents of Greece’s bailout,
with political leaders unable to agree on a cabinet.

May 19 – Greece confirms it will a hold a repeat general
election on June 17.

June 12 – The leftist SYRIZA party, led by Alexis Tsipras
rules out forming a government with pro-bailout parties. Opinion
polls showed SYRIZA running even with conservative New Democracy
party, which wants only minor adjustments to the bailout.

June 18 – The centre-right New Democracy party is to try to
form a coalition with other parties backing the international
bailout after it wins a repeat election.

Article source: http://in.reuters.com/article/2012/06/18/greece-elections-economy-idINL5E8HEB1M20120618

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