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Greece drops its currency, the drachma, to join the euro.
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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.
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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%.
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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.
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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.
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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.
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Further austerity measures are implemented, including a freeze on pensions and a cap on civil servents' pay.
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German chancellor, Angela Merkel, agrees to a "last resort" rescue package for Greece after debt downgrades force her into a U-turn.
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Papandreou calls for a eurozone-IMF rescue package after a steep rise in borrowing costs.
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Eurozone finance ministers agree to rescue Greece with €110bn in loans over three years. A week later, a €500bn eurozone rescue fund is announced.
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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.
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The European commission says Greek budget deficit is worse than expected, standing at 13.6% of GDP.
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Greece gets the lowest credit rating in the world after being downgraded to CCC from B.
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Two days of violent protests are followed by a second austerity bill. The package includes severe spending cuts and tax increases.
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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.
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Papandreou calls for a referendum on the EU/IMF rescue plan agreed only days earlier. The plan allows for €130bn of fresh bailout loans.
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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.
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European Central Bank offers massive loans to banks to avoid a second credit crunch.
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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.
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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.
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Eurozone countries reach agreement to hand Greece €130bn. The deal is expected to bring Greece's debt down to 120% of GDP by 2020.
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Banks agree to write off 75% of the value of their loans.
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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.
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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.
