European Debt Crisis Fast Facts

(CNN)Here's a look at the European Debt Crisis, which affected Cyprus, Greece, Ireland, Italy, Portugal and Spain.


July 11, 2011 - A munitions explosion at a naval base kills 13 people and destroys the country's main power station. The resulting blackouts severely impact the tourism and finance sectors of the economy.
December 23, 2011 - After a series of credit downgrades and exposure to the financial crisis in Greece, Cyprus signs an agreement with Russia for an emergency loan worth €2.5 billion to shore up its economy. Cyprus agrees to pay the loan back over 4.5 years with a 4.5% interest rate.
    June 25, 2012 - The government of Cyprus announces that it will seek a bailout from the European Union (EU) and the International Monetary Fund (IMF) to prop up its banks. According to the IMF, banks in Cyprus have approximately €152 billion in outstanding loans or other money at risk, which is eight times the country's gross domestic product.
    January 21, 2013 - The Eurozone finance minister tells the government of Cyprus that a bailout will be delayed over concerns that the bailout of €17 billion is too large. The amount is almost equivalent to the country's annual gross domestic product.
    February 24, 2013 - Conservative Nicos Anastasiades is elected president by a double-digit margin.
    March 16, 2013 - Cyprus reaches an agreement on a bailout with eurozone finance ministers, the IMF and the European Central Bank (ECB). The terms include a one-time tax of 9.9% on bank deposits of more than €100,000. Smaller deposits would pay a tax of 6.75%. This "haircut" reduces the total amount of the EU bailout to approximately €10 billion. Cyprus also agrees to raise its corporate tax rate and ensure its banks aren't havens for money laundering.
    March 19, 2013 - Cyprus' Parliament rejects the EU bailout, after protests from the public.
    March 19, 2013 - The UK flies a plane with €1 million aboard to provide cash for 3,000 British soldiers stationed on Cyprus.
    March 20, 2013 - Cyprus' finance minister, Michael Sarris, holds talks with top Russian officials.
    March 20, 2013 - Cyprus' cabinet holds emergency talks to work out a new deal with either Russia or the EU. The government orders banks that have been closed since March 16, to remain closed.
    March 25, 2013 - Cyprus reaches a deal with the EU for a €10 billion bailout. The terms include: closure of the country's second biggest bank, Popular Bank of Cyprus; an increase of tax rates on capital gains and businesses; privatization of state assets; and reduction of the size of the banking industry by 2018. Approximately 10,000 people may lose their jobs.
    March 25, 2013 - Cyprus' Ministry of Finance announces that banks will remain closed until March 28, to guard against people rushing to withdraw their money.
    March 28, 2013 - Banks reopen.
    April 30, 2013 - The parliament votes to approve the EU bailout.
    March 7, 2016 - Cyprus exits the bailout program.


    January 1, 2001 - Greece drops its currency, the drachma, in order to join the EU "eurozone." Greece is the 12th country to adopt the euro. In order to meet the EU's standards, Greece makes deep cuts in public spending.
    2004 - Greece spends approximately $11 billion dollars (US) on the Summer Olympics in Athens.
    November 15, 2004 - Greece admits that it gave misleading information to gain admittance to the eurozone. One of the EU's requirements for eurozone member countries is deficits below 3% of GDP. Greece has not met those criteria since 1999.
    October 4, 2009 - George Papandreou wins election as prime minister.
    November 2009 - Greece's national debt reaches €262 billion. Papandreou says that the 2009 budget deficit will be 12.7% of GDP, far above the EU limit of 3%.
    December 17, 2009 - Thousands of union workers go on strike to protest cuts in government spending.
    January 13, 2010 - The European Commission condemns Greece for giving false data on its finances and says the deficit and debt may be higher than the figures released in November 2009.
    February 2, 2010 - Papandreou makes a televised address, appealing to Greek citizens to support austerity measures.
    February 10, 2010 - Public workers in Greece strike in protest against new austerity measures.
    March 3, 2010 - Protests break out across the country. The government announces plans to lower the deficit by cutting public employees' salaries and raising taxes.
    April 11, 2010 - EU finance ministers announce a €30 billion bailout package for Greece.
    April 23, 2010 - Greece requests a €45 billion bailout from the EU and the IMF.
    May 2, 2010 - The IMF, the ECB and the European Commission announce a three-year aid package, worth €110 billion, designed to rescue Greece.
    May 11, 2011 - Clashes erupt between police and approximately 20,000 protesters in Athens.
    June 4, 2011 - Protests break out in Athens after Papandreou announces large cuts in public-sector employment.
    June 15, 2011 - Protesters hit the Greek Ministry of Finance with gasoline bombs.
    July 21, 2011 - European leaders agree to a second bailout package. European governments and the IMF will contribute a total of €109 billion. Private bond holders will be expected to contribute €37 billion.
    October 2, 2011 - The Greek cabinet announces that it adopted a draft budget for 2012, but will miss key deficit targets. According to the preliminary budget, Greece's budget deficit will be €18.69 billion, or 8.5% of GDP, in 2011. Greece originally agreed to a deficit of €17.1 billion, or 7.8% of GDP, with the IMF, European Commission and the ECB.
    October 19-20, 2011 - Tens of thousands of people protest against new austerity measures being considered by Greece's Parliament. At least one person is killed.
    October 27, 2011 - EU leaders announce an agreement on debt crisis measures, including a deal with private sector investors to write down Greek bonds by 50%, which translates to €100 billion and will reduce the nation's debt load to 120% from 150%.
    November 6, 2011 - Papandreou announces that he will resign from office on the condition that the €130 billion deal is approved.
    November 11, 2011 - Lucas Papademos, a former professor, banker, and ECB vice-president, is sworn-in as prime minister of Greece.
    February 12-13, 2012 - Lawmakers in Greece vote to approve another round of austerity measures, sought in return for a new eurozone €130 billion ($172.6 billion) bailout deal. As lawmakers debate, police turn tear gas and stun grenades on protesters outside Parliament. Twenty five protesters and 40 officers are injured.
    February 21, 2012 - Eurozone finance ministers approve a second bailout for Greece, including €130 billion ($173 billion) in new financing.
    March 9, 2012 - Creditors agree to a plan to restructure Greek government bonds. The deal means Greece has cleared its final hurdle to qualify for the €130 billion bailout program from the EU and IMF.
    June 20, 2012 - New Democracy leader Antonis Samaras is sworn in as Greece's new prime minister.
    June 21, 2012 - Greece swears in a new cabinet, putting an elected government in charge of the country for the first time in 224 days.
    November 11, 2012 - The Greek parliament approves the nation's 2013 austerity budget that contains steep cuts required for Greece to receive the next installment of economic bailout funds. The final tally in the parliament was 167 votes in favor, 128 opposed, with four abstentions.
    September 12, 2013 - Unemployment in Greece reaches 27.9%. Additionally, 58% of people under 25 are unemployed as well.
    April 9, 2015 - Greece announces it has scheduled a €460 million ($497 million) payment to the IMF, dismissing rumors the government might not have enough cash to pay on time.
    June 30, 2015 - The midnight deadline passes for the Greek finance ministry to pay the €1.5 billion ($1.7 billion) it owes the IMF. This means Greece has become the first developed economy to effectively default to the IMF.
    July 5, 2015 - Voters overwhelmingly reject austerity measures and Europe's bailout offer.
    August 20, 2015 - Greece receives the first chunk of its third bailout. The package, worth up to €86 billion ($95 billion), will help the country avoid an outright financial collapse. All of the countries that use the euro currency have agreed in principle to bail out Greece, but the IMF is only monitoring the situation so far. Greece pays €3.2 billion ($3.5 billion) to the ECB, in order to stay in the eurozone. Greek Prime Minister Alexis Tsipras says in a televised address that he