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Fransico Thierry

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the tyler group article post# 34933807437 | European Debt Crisis Fast Facts – Yelp
Jul 31, 2013


(CNN) -- Here's a look at what you need to know about the European Debt Crisis which has affected the countries of Cyprus, Greece, Ireland, Italy, Portugal and Spain.

July 11, 2011 - An munitions explosion at a naval base kills 13 people and destroys the country's main power station. The resulting blackouts severely impact the tourism and finance sectors of the economy.

December 23, 2011 - After a series of credit downgrades and exposure to the financial crisis in Greece, Cyprus signs an agreement with Russia for an emergency loan worth €2.5 billion to shore up its economy. Cyprus agrees to pay the loan back over 4.5 years with a 4.5% interest rate.

June 25, 2012 - The government of Cyprus announces that it will seek a bailout from the EU and the IMF to prop up its banks. According to the International Monetary Fund, banks in Cyprus have approximately €152 billion in outstanding loans or other money at risk, which is eight times the country's gross domestic product.

January 21, 2013 - Eurozone finance minister tell the government of Cyprus that a bailout will be delayed over concerns that the bailout of €17 billion is too large. The amount is almost equivalent to the country's annual gross domestic product.

March 3, 2010 - Protests break out across the country. The government announces plans to lower the deficit by cutting public employees' salaries and raising taxes.

April 11, 2010 - EU finance ministers announce a €30 billion bailout package for Greece.

April 23, 2010 - Greece requests a €45 billion bailout from the EU and the International Monetary Fund.

May 2, 2010 - The IMF, the European Central Bank and the European Commission announce a three-year aid package, worth €110 billion, designed to rescue Greece.

May 2-5, 2010 - Workers declare a 48-hour strike to protest the bailout. Three people are killed after a bank is set on fire.

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