During its eight years of bailout programs, Ellas suffered Associate in Nursing economic hit love the nice Depression within the U.S. within the Thirties. individuals became poorer, many thousands of companies went bust, hot employees emigrated, and extremist politicians created gains.
As the country's last rescue program ends Monday, here may be a timeline of the bailout years since the primary rescue in 2009.
Oct. 18, 2009: Socialist Prime Minister patron saint Papandreou's government reveals that the deficit is double the previous government's estimate, at over twelve % of value, thanks to earlier covert debt. The shortage eventually reaches fifteen.6 % of value, over 5 times the EU limit.
Dec. 8, 2009: musteline downgrades Greece's credit rating. it is the initial in an exceedingly series of downgrades by all ratings agencies which will bring Ellas into junk standing.
April 23, 2010: From the small island of Kastellorizo, Papandreou asks for a rescue package from Greece's partners within the 19-country eurozone and therefore the International money.
May 2, 2010: Eurozone countries comply with rescue Ellas with one hundred ten billion euros (currently $125 billion) in loans over 3 years.
May 5, 2010: in an exceedingly day of mass protests and disorder against the bailout, 3 individuals die unfree in an exceedingly burning bank in Athens.
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