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Greece joins euro
Greece drops its currency, the drachma, to join the euro. -
Greek government admits it lied to get into the euro
Greece admits it joined the euro in 2001 on the basis of figures that showed its budget deficit to be much lower than it really was. The government concedes its deficit has not been below 3% since 1999, as EU rules require. -
Austerity measures imposed
Greece’s new government, the right-wing New Democracy party, imposes an austerity budget to try get the public finances back on track after the cost of hosting the 2004 Olympics. Measures include higher taxes on alcohol and tobacco, and an increase in VAT from 18% to 19%. -
Signs of improvement
Austerity measures seem to be working. Greece's economy appears to be growing strongly with GDP up to 4.1% in the first three months of 2006. -
George Papandreou becomes Prime Minister
George Papandreou becomes Prime Minister and calls a snap general election. The economy has contracted by 0.3%, and the national debt has risen to €262bn. -
Credit rating takes a blow
Greek debt rating is reduced to BBB+ from A-. This is the first time in a decade that the country's rating is below investment grade. -
Major austerity plan announced
Further austerity measures are implemented, including a freeze on pensions and a cap on civil servents' pay. -
German chancellor agrees to rescue package
German chancellor, Angela Merkel, agrees to a "last resort" rescue package for Greece after debt downgrades force her into a U-turn. -
Calls for a eurozone-IMF rescue package
Papandreou calls for a eurozone-IMF rescue package after a steep rise in borrowing costs. -
Greece rescued with three year loan package
Eurozone finance ministers agree to rescue Greece with €110bn in loans over three years. A week later, a €500bn eurozone rescue fund is announced. -
Parliament passes pension reform
Pension reform raises women's retirement age from 60 to match men at 65. This is one of the key requirements of the EU/IMF deal. -
Second Greek crisis begins
The European commission says Greek budget deficit is worse than expected, standing at 13.6% of GDP. -
Credit rating downgraded
Greece gets the lowest credit rating in the world after being downgraded to CCC from B. -
Violent protests commence
Two days of violent protests are followed by a second austerity bill. The package includes severe spending cuts and tax increases. -
Greece unable to meet lending targets
Government says Greece cannot meet the 2011 and 2012 deficit targets agreed with the international lenders, arguing they entered a deeper recession than initially forecast. -
Calls for a referendum
Papandreou calls for a referendum on the EU/IMF rescue plan agreed only days earlier. The plan allows for €130bn of fresh bailout loans. -
Government of unity
Leaders of Greece's two largest political parties form a government of national unity. This soon collapses and Papandreou confirms that he will resign. Lucas Papademos, a former central banker, is made prime minister. -
Banks receive loans
European Central Bank offers massive loans to banks to avoid a second credit crunch. -
Deal with private creditors
Greece reaches deal with its private creditors to significantly reduce the country's debt, but Germany persists in limiting loans and demands more austerity cuts. -
Unemployment rises
Unemployment rises to a record 21%. Greek coalition parties and EU and IMF inspectors agree a deal on government cuts in return for new rescue loans. Cuts include 22% off the minimum wage, 15% off pensions and 15,000 public sector jobs. -
Eurozone bailout
Eurozone countries reach agreement to hand Greece €130bn. The deal is expected to bring Greece's debt down to 120% of GDP by 2020. -
Bond swap offer
Banks agree to write off 75% of the value of their loans. -
Greek unemployment hits new record
Greek unemployment hits new record of 27%, Worst affected are the young, with 61.7% of adults under the age of 24 without a job. -
First protest of 2013
The first major anti-austerity protest of 2013 is underway in Greece. Workers across the country hold a strike against the spending cuts, tax rises, and other measures being implemented in return for its aid package.
