Key dates in Greece’s financial crisis

Key dates in Greece’s financial crisis

Oct. 4, 2009: Greek Socialists win general election, defeating conservatives who had been in power since March 2004.

Oct. 21, 2009: New government sharply revises Greece’s 2009 deficit projection to 12.5 percent of GDP, from 3.7 percent earlier in the year, in a report to the EU statistics agency, Eurostat. That estimate is later again revised to 12.7 percent.

Dec. 8, 2009: Fitch ratings agency downgrades Greek debt, a move followed by Standard & Poor’s and then Moody’s later that month, prompting Greek borrowing costs to soar as investors hammer Greek bonds.

Dec 14, 2009: New Prime Minister George Papandreou announces broad austerity measures, reducing bonuses in the civil service and announcing cuts in government operation costs. The measures fail to stem the crisis.

Jan 14, 2010: Greek cabinet approves measures to drastically reduce the budget deficit.

Feb. 3, 2010: European Union approves Greece budget package, called the ‘growth and stability plan,’ but imposes a draconian budget inspection system.

Feb. 18, 2010: Government announces plans to set up a parliamentary inquiry into the alleged misreporting of financial data by the previous conservative that triggered the crisis.

Feb, 24, 2010: A general strike against Greek austerity halts flights and services. Some 50,000 Greek workers take to the streets, police clash with groups of protesters.

March 3, 2010: Greece announces €4.8 billion worth of painful new austerity measures, cutting public sector salaries and hiking taxes. Government says it could turn to the IMF for help if the new plan doesn’t win EU and market backing.