Greece's Economic Crisis

Timeline: Greeces economic crisis Wed Feb 3, 2010 12:46pm EST (Reuters) - The European Commission endorsed Greeces nonindulgence plan on Wednesday but said Athens mustiness take further steps to cut public sphere of influence wages to tackle the most severe debt crisis in the euro zone. following is a successionline of events since Prime Minister George Papandreous socialist PASOK party won snap elections last October. October 2009 - The new giving medication discloses the 2009 figure shortage will be 12.7 shareage, more than double the previously inform figure. November 2009 - The new government pledges in its 2010 draft budget to make unnecessary Greece from bankruptcy by cutting the dearth while belongings electoral promises to help the poor amid the economic crisis. -- Final budget draft shows Greece aims to cut its budget deficit to 9.1 percent of gross domestic product in 2010 to assure EU partners and markets it is serious about restoring fiscal health. -- It also sees public debt rising to 121 percent of GDP in 2010 from 113.4 percent in 2009. EU forecasts on Greece for 2010 are worse, with the deficit seen at 12.2 percent of GDP and national debt rising to 124.9 percent of GDP, the highest ratio in the EU. celestial latitude 2009 -- S&P on December 7 posts the coun savors A- sovereign rating on negative watch.

-- On Dec 8, Fitch Ratings, which had cut Greece to A- when the government revealed the higher deficit, cuts Greek debt to BBB+ with a negative outlook, the first time in 10 years a ratings agency has put Greece below the A investment grade. -- The next day, Papandreou says he is set to win back the countrys lost credibility. -- On December 14, Papandreou outlines policies to cut the countrys ballooning budget deficit and try to regain the trust of investors and EU partners. Papandreou announces a 10 percent cut in social security spending in 2010. Says he will abolish bonuses at state banks and strike a 90 percent tax on cloistered bankers bonuses. Vows a serious fight against corruption and tax evasion,... If you call for to get a full essay, order it on our website: Orderessay

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