Timeline: Greece's Bailout History

Here is a look back at Greece's financial crisis since a deal with the European Union and International Monetary Fund was sealed in 2010.

May 2, 2010 - Prime Minister George Papandreou says he has sealed a deal with the EU and IMF, opening the door for a bailout in return for extra budget cuts of 30 billion euros ($43 billion) over three years. The package represents the first rescue of a euro zone member.

May 4/5 - Public sector workers stage 48-hour nationwide strike. Three people are killed when a bank is set on fire.

May 6 - Greek parliament approves austerity bill.

May 10 - Global policymakers install emergency safety net worth about $1 trillion to bolster international financial markets and prevent the crisis from damaging the euro. This includes 440 billion euros in guarantees from euro zone states. EU finance ministers say the IMF will contribute 250 billion euros.

July 7 - Parliament passes pension reform, a key requirement of the EU/IMF deal, and raises women's retirement age from 60 to match men at 65.


May 23 - Greece unveils series of privatizations, part of its goal to raise 50 billion euros by 2015 to reduce its debts.

June 8 - Greece agrees to extra austerity measures and savings up to 2015 to cut deficits and to keep receiving aid.

June 13 - Greece gets the lowest credit rating in the world after S&P downgrades it by three notches, to CCC from B.

June 17 - Papandreou reshuffles cabinet, appoints Evangelos Venizelos, his main party rival, as new finance minister. The new cabinet wins confidence vote on June 22.

June 29 - Papandreou wins parliamentary majority in favor of five-year austerity plan, winning access to new funding.

July 8 - IMF approves disbursement of 3.2 billion euros.

July 21 - Euro zone leaders agree on second rescue package with extra 109 billion euros of government money, plus contribution by private sector bondholders estimated to total as much as 50 billion euros by mid-2014.

October 2 - Government draft budget figures say Greece will miss a deficit target set just months earlier. The 2012 draft budget is approved by cabinet and predicts a deficit of 8.5 percent of GDP for 2011, short of target.

October 21 - Greece approves more austerity measures, defying violent protests in Athens and a general strike.

October 27 - Euro zone leaders reach a deal with private banks and insurers for them to accept a 50 percent loss on their Greek government bonds under a plan to lower Greece's debt burden.

October 31 - Papandreou calls a referendum on the latest bailout without consulting European leaders.

-- French President Nicolas Sarkozy and German Chancellor Angela Merkel tell Papandreou Athens will not receive any more aid until it votes to meet its commitments to the euro zone.

November 4 - After intense pressure from European leaders, the government confirms it has dropped referendum plans.

November 5 - Papandreou survives a parliamentary confidence vote, avoiding snap elections.

November 6 - Papandreou seals a deal with the opposition to form a coalition to approve the bailout before early elections. Under the agreement, Papandreou will stand down.

November 9 - Greek political leaders agree on a new government, Papandreou steps down.

November 10 - Former European Central Bank vice-president Lucas Papademos is appointed to head a new coalition. He says Greece will implement the bailout deal before calling elections.

November 24 - The IMF welcomes a written pledge from Antonis Samaras, leader of the conservative New Democracy party, backing the bailout deal.

December 1 - Unions hold a 24-hour general strike to test the resolve of the new national unity government.

December 6 - Violence breaks out at protests outside parliament in Athens. Some people are wounded and 38 people are arrested.

Dec 7 - The new coalition passes an austerity 2012 budget aimed at cutting the deficit to 5.4 percent of GDP from a projected 9 percent in 2011, and generate a surplus before interest payments - a key step to lower Greek debt.

December 13 - Greece's public deficit widens by 5.1 percent in the first 11 months of 2011, the Finance Ministry says.

December 14 - The IMF says that reforms are running behind schedule in most areas and the delays are stalling recovery.


January 28 - Papademos seeks backing from party leaders for reforms that Greece must negotiate.

February 6 - Merkel tells Greece to hurry on accepting the painful terms for the new EU/IMF bailout.

-- Venizelos, who has again met lenders, warns the stakes are rising.

February 9 - After repeated delays and all-night talks with leaders of the three Greek coalition parties and EU and IMF inspectors, political leaders clinch a deal.

-- Unemployment in Greece rises to 20.9 percent, a new record, after austerity measures already in place.

-- Greece's two major labor unions GSEE and ADEDY say they will hold a 48-hour strike for February 10/11.

-- Euro zone finance ministers demand more steps by Greece and a parliamentary seal of approval before providing aid under the new bailout.

February 12 - Greek lawmakers endorse a new austerity deal after 10 hours of debate. Protesters fight pitched battles with riot police outside parliament and set buildings on fire. Euro zone finance ministers will meet on February 15 to decide on the bailout.