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European Debt Crisis Timeline

by admin on February 10, 2013

People of Europe are being intrigued about the crisis that occurs in their nation for the recent years. But with the help of the European debt crisis timeline, they would be able to know exactly what happened during these years. From the late 2009, there are growing fears on the supreme debt crisis that have developed among economically conservative investors that mainly concerns a few European states, due to the situation that is becoming mainly tense with early 2010. This incorporated Euro zone members Ireland, Portugal and Greece and also other countries from EU or European Union outside the space.

In the European Union, particularly in countries, supreme debt has sharply increased. This is the result of bank bailouts, the crisis on confidence has combined with the extending of yield spreads bond, and peril insurance on swaps of credit default among these countries and some other European Union members, most especially Germany.

European debt crisis

This was actually the very first Euro zone crisis ever since the year 1999. As Samuel Brittan sharped out, the man Jason Manololoulos demonstrates conclusively that this Euro zone is really far from the highest currency area. In year 2012, Niall Ferguson also wrote that the supreme debt crisis which is unfolding that time became the fiscal crisis on the western section. During May 2011, Axel Merk disagreed in the Financial Times article in which the dollar was in grave danger as compared to Euro.

Concerning about the increasing government debts and deficit levels all over the world, along with the wave of relegation of the debt of European government, felt alarmed within the financial markets. This crisis on debt is centered mostly on the events happened within Greece in which the cost of debt for financing government has increased. During the year 2010 2nd day of May, the countries Euro zone along with the International Monetary Fund has agreed to the 100 billion Euro loan of Greece, which is conditional to the implementation of cruel austerity methods. During the 9th day of the same month and year, the Finance Ministers of Europe confirmed the full rescue package that is worth about 750 billion Euro and then just about trillion dollars aimed on making secure of the financial constancy all over Europe by making the European Stability in Financial Facility.  The Greeks were preceded by the 85 billion Euro rescue package in November for Ireland and the 78 billion Euro bail-out to Portugal during May 2011.

Even though the supreme debt rises have been mostly pronounced within some Euro zone countries only, they have become basically an anticipated problem on the area. During May 2011, this crisis resurfaced, which mostly concerned about the Greek public debt refinancing. Generally, the Greek people rejected the severity measures and been expressed their discontentment through making protests. Later in June year 2011, the situation of the crisis was once again put under control by the help of the government of Greek that manages to pass the package for new austerity approaches and European Union promising funds for supporting the country.

The provided information above explains about the European debt crisis timeline.

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