Timeline Of Greece

Austrian FinMin: No money for Greece without decisions on reform

Remember, the ECB is made up of its member central banks so the risk is spread over the whole of the euro area. They claim they have sufficient reserves. We’ll see. The most immediate problem would be a freeze-up of European credit markets which would send demand for dollar liquidity soaring. Would be a replay of Lehman Bros….Lending would pretty much come to a halt other than central bank liquidity provision…no one will lend to one another because they fear you are exposed to Greece.

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Timeline: Greece's journey to the edge of euro disaster - Hedge ...

Having ousted Greece’s socialist government a year earlier, the right-wing New Democracy party imposes an austerity budget to try to slash Greece’s deficit and get the public finances back on track after the cost of hosting the 2004 Olympics. It includes higher taxes on alcohol and tobacco, and an increase in VAT from 18% to 19%.

Papandreou’s Panhellenic Socialist Movement (Pasok) party wins power after New Democracy calls a snap general election, asking the Greek people for a new mandate to tackle the looming financial crisis. The economy has contracted by 0.3%, and the national debt has risen to €262bn, from €168bn in 2004. At this stage, the government expects the 2009 deficit to reach 6% of GDP.

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