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Created with Fabric.js 1.4.5 GREEK CRISES TIMELINE Recession of 2007-2009 1. Problems of high structural deficits and debt-to-GDP levels in the Greek economy.2. Fear of government debt crisis the Greek government being unable to honour its bonds.3. Crisis of confidence in 2010 Greek govt debt relegated to junk status. First Bailout 2010: 2nd May 2010, the Troika (Eurozone countries, European Central Bank, and the International Monetary Fund) agree to a 110bn bailout loan. It was intended to cover Greeces financial needs from May 2010 to June 2013, and conditional on a number of austerity measures, structural reforms, and privatisation of government assets. Second Bailout 2011-2012 Government Crisis 2014-2015 In 2011, a worsened recession and the delay of government implementation of the agreed conditions meant that a second bailout worth 130bn was needed. The second bailout programme was ratified in February 2012, and extended the loans until December 2014.A third agreement was made in December 2012 to extend the programme until March 2016, and the IMF added an extra 8.2bn to the loan.Unexpected financial gap was discovered in April 2014, which required an extension of the programme review, now due to be completed in February 2015. 1. The Greek parliament rejected the governments candidate for election. This triggered new elections, held in January 2015.2. The elections were won by the left-wing Syriza party. Their programme was based on renegotiating the bailout programme, deeply unpopular in Greece because of high unemployment and a pending humanitarian crisis believed to be caused by the austerity measures.3. Syriza are currently in negotiations with the Troika on the conditions and structure of the bailout programme.
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