A brief history of the Greek debt crisis
The Greek debt crisis has unfolded over several years and through a litany of bailouts, parliamentary votes, and credit downgrades. Here is a brief overview of how we got to where we stand today.
October 2009: Prime Minister George Papandreou comes into office, and soon after, substantially revises the countryâ€™s budget deficit projections, hinting that the government has been understating its deficit for several years.
December 2009: Concerns about Greeceâ€™s dangerously high debt prompt the Fitch credit rating agency to downgrade the countryâ€™s credit rating to BBB+, the lowest level in the eurozone, with expectations it could fall further. Moody and Standard & Poorâ€™s warned that they, too, might downgrade its rating, according to a report from the Financial Times. A week later, Prime Minister George Papandreou begins efforts to rein in the countryâ€™s budget deficit, focusing on eliminating corruption and cutting public spending.
January 2010: Greece releases a three-year plan to cut its budget deficit from 12.7 percent of GDP to 2.8 percent. It fails to reassure investors, who see the plan as too optimistic.
February 2010: Moodyâ€™s and Standard & Poorâ€™s say that Greece risks having its credit rating downgraded two notches.
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