- CNTV English - CCTV News

Greece debt crisis review

11-07-2011 13:54 BJT

Watch Video

Play Video

It has been 18 months since Greek Prime Minister George Papandreou first sealed a deal with the EU and IMF in 2010. That deal opened the door for a bailout in return for the three-year package of 30-billion-euro budget cuts. Now let’s take a quick look at the timeline of events influencing the Greece economy.

Shortly after Papandreou signed the deal, the IMF unanimously approved its part of rescue loans, with 5.5 billion euros being provided immediately. On June 13th, 2011, Greece received the lowest credit rating in the world after S&P downgraded it by three notches, from B to triple C.

A month later, the IMF approved disbursement of about 3.2 billion euros to help Greece pay immediate debts. In September, Greece adopted more austerity measures, including cutting high pensions by 20 percent. The 2012 draft budget was approved at a cabinet at the beginning of October. This created a "labour reserve" putting 30,000 state workers on 60 percent pay and dismissed after a year.

On October 27th, Euro zone leaders struck a deal with private banks and insurers under a plan to lower Greece’s debt burden. Shortly afterwards, Papandreou called a referendum on the latest bailout without consulting European leaders and later launched his campaign for a coalition to save Greece from bankruptcy.


Editor:Zhang Dan |Source: CNTV.CN

Hot Videos view more

The celebrations are still continuing as the victorious coach, Joachim Loew, has been honored for his achievement in his hometown of Freiburg.
Germany coach Loew honored in hometown of Freiburg

Chinese men´s national team continued its preparations for next year´s Asian Cup, as they managed a one-all draw against visitors Jordan during a football friendly in Harbin, the capital city of Northeast China´s Heilongjiang Province.
China held to 1-1 draw by Jordan

The defending world champs came into the contest with a perfect 6-and-oh record, but they would be in for a tough first half before opening things up in the second.
USA beat Slovenia 119-76 in quarter-finals

Hot Stories more

UK authorities believe killer of James Foley is a British national

Across the UK the hunt is on for James Foley’s killer, who authorities believe is a British national. As Richard Bestic reports from London, Prime Minister David Cameron cut short his summer break to lead his government’s response.

Israeli war jets renews Gaza strike as truce talks stalled

Three Palestinians were killed and 40 others wounded in the intensive Israeli war jets´ airstrikes on the Gaza city on Tuesday night, shortly before an end of a 24-hour ceasefire in the Gaza Strip,

Missouri police arrest dozens after violent night

As the protests in the town of Ferguson, Missouri turned violent with police facing ´heavy gunfire´ from some ´criminal elements´, cops fired tear gas, stun grenades and arrested 31 demonstrators on Monday night.

Picture in news more

More Video News

Choose TV Program