Timeline: Greece's debt crisis - Reuters

ATHENS | Sun Nov 7, 2010 4:35pm EST

ATHENS (Reuters) - Here is a timeline of economic events in Greece in 2010.

Jan - Greece unveils stability programme on January 14, saying it will aim to cut its budget gap to 2.8 percent of GDP in 2012 from 12.7 percent in 2009.

Feb - Prime Minister George Papandreou says on February 2 the government will extend a public sector wage freeze to those making below 2,000 euros a month.

-- Greece must refinance 54 billion euros ($66.6 billion) in debt in 2010, with a crunch in the second quarter as more than 20 billion euros becomes due and market yields for Greek debt soar.

-- A one-day general strike on February 24 against austerity measures cripples Greece's transport and public services.

March - EU Economic Affairs Commissioner Olli Rehn asks Greece to take further measures to tackle budget crisis.

-- March 5 - New package of public sector pay cuts and tax increases is passed to save an extra 4.8 billion euros. VAT to rise 2 percentage points to 21 percent; public sector salary bonuses cut by 30 percent; tax on fuel, tobacco and alcohol rise; state-funded pensions frozen in 2010.

-- March 25 - European Central Bank President Jean-Claude Trichet says bank will soften rules on collateral for ECB loans, easing risk of Greek institutions being cut off from funding.

-- Euro zone leaders agree to create joint financial safety net, with IMF, to help Greece and to try to restore confidence in euro.

April - On April 11, euro zone finance ministers approve 30 billion euro emergency aid mechanism for Greece but say Athens has not yet asked to activate plan.

-- April 15 - Greek parliament passes law that seeks to tackle tax evasion and shift tax burden to higher earners.

-- April 21 - Investors dump Greek assets on uncertainly whether rescue funds will come in time. The yield on the benchmark Greek 10-year government bond rises to 8.4 percent.

-- April 22 - Eurostat says Greece's 2009 budget deficit was 13.6 percent of GDP, not 12.7 percent as reported earlier.

-- April 23 - Prime Minister George Papandreou asks for activation of an EU/IMF aid package.

-- April 27 - Standard & Poor's downgrades Greece's credit rating to junk status.

May - On May 1 German Chancellor Angela Merkel says Germany's private sector will contribute to Greek rescue package.

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