Facts about bailout of Greece - Winflow Financial Group

The situation was first reported in end of 2009
They originally reported a 2009 deficit estimate of 3.7% in Apr 2009, increased to 12.9% in Dec 2009, and 13.6% in Apr 2010
Greece “has lost every trace of credibility” and “faces the risk of sinking under its debt,” said Prime Minister George Papandreou on Dec 14, 2009
Moody’s follows Fitch and S&P’s lead and downgrades Greece to A2 on Dec 22, 2009, which, it says, “balances the Greek government’s very limited short-term liquidity risks on the one hand, and its medium- to long-term solvency risks on the other.”
Many optimistic comments by both the Greek government and ECB, followed by agreement among eurozone countries to provide aid
on Apr 16, 2010 Greece asked for emergency aid
ECB and IMF offered €110B rescue package, transfer started May 11, 2010

In Nov 2010 the revised budget deficit is still the highest in eurozone
In April 2011, talks of Greece will need to restructre their debt emerged
The budget deficit in 2010 was reported 10.5%, larger than forecast 9.6% by EU and targeted 9.4% by Greek government
Finance Minister George Papaconstantinou talked about EU/IMF repayment extension on May 2, 2011
On May 9 2011, S&P downgraded Greece again, from BB- to B, negative outlook, B to C for short term
More restructure talking as Greece downgraded, possible shut-out from long term bond market
May 10, 2011 Greek official says a new financial aid package of €60B will be needed after June audit spanning in to 2013 – denied on the same day
May 11, 2011 massive riots reported protesting against austerity plan

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