Eurozone sovereign‑debt crisis and institutional reforms (2009–2018)

1. Greek deficit revision triggers market alarm

   Oct 20, 2009Labels: Greece, Budget Revision

   • Britannica
   • EC Greece

2. First Greek programme agreed (Greek Loan Facility)

   May 2, 2010Labels: Greece, IMF

   • Britannica
   • EC Greece

3. EU creates EFSM emergency lending mechanism

   May 9, 2010Labels: European Commission, EFSM

   • UK Commons
   • Consilium

4. ECB launches Securities Markets Programme

   May 10, 2010Labels: ECB, SMP

   • ECB
   • Bundesbank

5. Euro area sets up EFSF as temporary firewall

   Jun 7, 2010Labels: EFSF, Euro-area States

   • ESM History
   • IMF

6. EFSF becomes fully operational

   Aug 4, 2010Labels: EFSF, Guarantees

   • ESM
   • IMF

7. Ireland EU-IMF programme approved

   Dec 16, 2010Labels: Ireland, EU IMF

   • IMF
   • Consilium

8. Euro Plus Pact concluded to strengthen coordination

   Mar 25, 2011Labels: Euro Plus, EU Leaders

   • CVCE
   • Eurofound

9. Portugal assistance programme formally adopted

   May 17, 2011Labels: Portugal, Eurogroup

   • EC Portugal
   • ESM

10. Six-Pack economic-governance reforms enter into force

    Dec 13, 2011Labels: Six-Pack, European Commission

    • EU Press
    • SGP

11. Second Greek programme begins under EFSF

    Mar 1, 2012Labels: Greece, EFSF

    • EC Greece
    • Consilium

12. Fiscal Compact treaty signed

    Mar 2, 2012Labels: Fiscal Compact, EU Leaders

    • Fiscal Compact
    • SGP

13. ECB announces Outright Monetary Transactions (OMT)

    Sep 6, 2012Labels: ECB, OMT

    • Bundesbank
    • CNBC

14. European Stability Mechanism inaugurated

    Oct 8, 2012Labels: ESM, Euro-area Finance

    • ESM
    • ESM History

15. Cyprus rescue agreed after banking crisis

    Mar 25, 2013Labels: Cyprus, Banking Crisis

    • DW
    • Consilium

16. Two-Pack budget-surveillance reforms enter into force

    May 30, 2013Labels: Two-Pack, European Commission

    • EUR Lex
    • EUR Lex

17. SSM Regulation enters into force

    Nov 3, 2013Labels: SSM, ECB

    • BaFin
    • ECB SSM

18. SRM Regulation enters into force

    Aug 19, 2014Labels: SRM, Single Resolution

    • EUR Lex
    • SRM

19. ECB assumes supervisory tasks under SSM

    Nov 4, 2014Labels: ECB, SSM

    • ECB SSM
    • BaFin

20. ESM adopts direct bank recapitalisation instrument

    Dec 8, 2014Labels: ESM, Bank Recapitalisation

    • ESM

21. Single Resolution Board becomes operational

    Jan 1, 2015Labels: Single Resolution, SRM

    • SRB
    • SRM

22. Greece requests ESM support amid renewed crisis

    Jul 8, 2015Labels: Greece, ESM

    • Consilium
    • ESM

23. Third Greek ESM programme starts

    Aug 19, 2015Labels: Greece, ESM Programme

    • Consilium
    • Greece Timeline

24. SRM becomes fully applicable for bank resolutions

    Jan 1, 2016Labels: SRM, Single Resolution

    • SRM
    • EUR Lex

25. ESM disburses final tranche to Greece

    Aug 6, 2018Labels: ESM, Greece

    • Greece Timeline

26. Greece exits third programme; crisis-era bailouts end

    Aug 20, 2018Labels: Greece, Programme Exit

    • Greece Timeline
    • Consilium