Greece
PROGRAMME TIMELINE FOR GREECE
2010
Greek government reveals that budget data had previously been misreported
Greek borrowing costs rise to unsustainable levels
Approval of 3-year joint financial assistance programme by euro area countries and IMF
2nd programme for Greece agreed, to be provided by EFSF and IMF
Yield on Greek 10-year bonds peaks at 33.7%; restructuring (53.5% haircut) of Greek government bonds held by banks
2011
2012
Greece’s economy starts growing after 6 years of decline
Greece returns to bond issuance for the first time in 4 years
New government announces major policy shift, halting previous reform agenda
Eurogroup leaders agree with Greece on new loan in exchange for reforms
ESM Board of Governors approves ESM programme for Greece ESM makes first loan disbursement of €13 bn to Greece
2013
2014
2015