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Wednesday, May 23, 2012debt crisisgreecebusinessworld

Eurozone crisis in cartoons

February 2010 : Public sector workers in Greece clashed with police during a nationwide one-day strike in protest at the austerity measures being implemented to try to address the country's financial crisis Photograph: Guardian February 2010 : George Papaconstantinou, the Greek finance minister, pleaded for time with Brussels and argued that the radical austerity programme aimed at slashing 4% from the ballooning budget deficit this year was unprecedented in his country's history Photograph: Kipper Williams/Guardian April 2010 : Stock markets suffered another rollercoaster ride as hopes of a bailout for debt-laden Greece were countered by fears that the country's financial turmoil could spread elsewhere in Europe Photograph: Guardian April 2010 : Greece borrowing costs hit record levels Photograph: Guardian May 2010 : Greek protesters storm Acropoli s while markets plunge over debt crisis Photograph: Guardian May 2010 : Germany's action on short-sellers of bonds – widely blamed in the country for the deepening eurozone debt crisis – was intended to shore up the embattled single currency. But the markets took the move as a sign of political panic Photograph: Guardian May 2010 : Ireland emerged as one of the biggest per capita donors in the Greek bailout , sparking angry exchanges in Ireland's parliament, the Dáil, over claims that Irish households faced an unfair burden compared with other eurozone countries Photograph: Guardian May 2010 : Package of austerity measures designed to cut Spain's deficit passes into law - by just one vote Photograph: Guardian September 2010 : Ireland nationalised its second-largest bank and pumped billions of euros into the rest of its beleaguered financial sector , just a day after mass street protests in Dublin against public spending cuts to pay for the bank bailouts. Photograph: Guardian November 2010 : As the UK government proposes a 'happiness index' to test national wellbeing, Ireland grapples with financial crisis Photograph: Guardian November 2010 : An increasingly isolated Irish government came under mounting pressure to seek an EU or International Monetary Fund bailout Photograph: Guardian November 2010 : Financial markets were thrown into turmoil amid fears that an imminent collapse of Ireland's beleaguered government would have a knock-on effect across the eurozone. The announcement of the potential €90bn international bailout for debt-laden Ireland – of which the UK could contribute up to £10bn – offered only a temporary respite to nervous markets Photograph: Guardian November 2010 : The risk of holding bonds issued by the Portuguese and Spanish governments – and even those issued by Belgium – rose to record levels Photograph: guardian December 2010 : Only 12 years after it was launched to great fanfare and after early success, the euro fights for its short life Photograph: Guardian February 2011 : Dominique Strauss-Kahn calls for new currency to combat global economic instability Photograph: Guardian March 2011 : Credit rating agency Moody's downgrades Spain again, raising fresh fears about its ability to ride out the economic storm Photograph: Guardian June 2011 : More Greek cuts agreed as Moody's says there is a 50-50 chance of country defaulting on its debts Photograph: Guardian June 2011 Greeks look for their old drachma (not such a fanciful idea now) Photograph: Guardian June 2011 : Greece remains in grip of crisis with mass protests , threats of further strikes and bitter political divisions over bailout policy Photograph: Guardian June 2011: Greek debt crisis prompts EU 'resolution' talks as Athens parliament to debate its austerity package Photograph: Guardian June 2011 : Austerity bill gets through parliament, but not without protests in Athens . Hundreds of thousands clash with police in protests against austerity drive as officials discuss privatisation with investors Photograph: Guardian August 2011 : Yields on Italian and Spanish bonds have increased as commercial banks defend against haircuts Photograph: Guardian August 2011 : Silvio Berlusconi faced growing resistance to the implementation of new austerity measures demanded by the European Central Bank Photograph: Guardian September 2011 : Standard & Poor's drops Italian credit rating to A from A+ , blaming sluggish economy and ineffective government reforms Photograph: Guardian September 2011 : German chancellor and Greek PM meet to discuss the crisis Photograph: Kipper Williams/Guardian October 2011 : European stock markets fell sharply after France and Germany joined Spain and Italy on the sick list of manufacturing nations , undermined by weak demand and a lack of business and consumer confidenc Photograph: Kipper Williams/Guardian October 2011 : EU leaders struggled to agree on proposals to expand Europe's bailout fund , and on possible changes to Greece's second bailout Photograph: Kipper Williams/Guardian October 2011 : Slovakia torpedoed the bill to boost the powers and size of the multibillion euro bailout fund designed to rescue Greece and other indebted countries Photograph: Guardian October 2011 : New bailout plan proposed: a 30% debt write-off for Greece may limit the number of banks that need to recapitalise, and the wider wrath of international investors with loans to Greece, but will likely prevent Greece from recovering within a next few years Photograph: Guardian October 2011 : Unless European leaders stop dithering and take decisive action to rescue the single currency, they risk global slump Photograph: Guardian November 2011 : Markets stunned as Greek PM cancels bailout referendum Photograph: Guardian November 2011 : Italy is in the firing line as its borrowing costs rocket after Berlusconi's resignation Photograph: Guardian November 2011 : Lucas Papademos to lead Greece's interim coalition governmen t - Greece's appointment of former economist as prime minister brings to an end days of political wrangling in Athens Photograph: Guardian November 2011 : Britain's economy will be hit hard by further turmoil in the eurozone, David Cameron has warned Photograph: Guardian November 2011 : technocrats take over - Italy's new prime minister, Mario Monti, confirms he will take on task of governing Eurozone's most indebted nation Photograph: Guardian November 2011 : Spain's central bank steps in late in the day to buy up Spanish debt as borrowing costs climb to near 7% Photograph: Guardian December 2011 : Europe's leaders given a stark deadline of 10 days to save the euro or face the disintegration of the European Union itself Photograph: Guardian December 2011 : Crisis summit got under way two decades after a fateful lunch in Maastricht that gave birth to the euro Photograph: guardian December 2011 : Cameron accused of stirring up euro trouble : Britain's credit status should be cut before France is downgraded, says its central bank governor, Christian Noyer Photograph: Guardian December 2011 : Britain and France call a temporary halt to their war of words over credit ratings Photograph: Guardian December 2011 : Italy brought festive cheer to the markets with a debt auction that saw its short-term borrowing costs fall by half Photograph: Guardian January 2012 : Property prices in Dublin have plunged by 65% in five years and analysts predict market will dip again in 2012 Photograph: Guardian January 2012 : Banks deposit record amounts at European Central Bank - again Photograph: Guardian February 2012 : Merkel told journalists in Beijing that China had given her a message that Europe must "do its homework" on the crisis before getting help from elsewhere Photograph: Guardian February 2012 : Greek politicians locked in talks with an eye on upcoming elections Photograph: Guardian February 2012 : Greece forced to accept further cuts Photograph: Guardian March 2012 : European Central Bank temporarily eases the crisis with emergency loans Photograph: Guardian March 2012 : UK service sector slide suggests gloom is not confined to the eurozone Photograph: Guardian March 2012 : Greece's creditors to receive $2.5bn in insurance payments , following the country's debt restructuring Photograph: Guardian April 2012 : France gets a new president but the Netherlands is drawn into the crisis Photograph: Guardian May 2012 : Spain races to shore up troubled banks after Bankia receives bailout Photograph: Guardian May 2012 : Stock markets and euro slide as Greek exit looms Photograph: Guardian May 2012: Reports of utility bills going unpaid in Greece coincide with fears over a run on euros in Greek banks Photograph: Guardian May 2012 : More than 70% of the Greek wines entered in the world's biggest wine competition have won medals, with six bottles taking gold Photograph: Guardian May 2012 : Greeks prepare to vote on austerity measures in their elections Photograph: Guardian June 2012 : Euro 2012 football championships get under way Photograph: Guardian June A rally in financial markets at the result of Greece's election - won by the pro-bailout party New Democracy - lasted barely an hour amid growing fears that Europe's worsening debt crisis was about to engulf Spain Photograph: Guardian

Source: The Guardian ↗

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