10-year Greek bond yields rise above 9% in the secondary market by the end of April. The European Union (EU) and the IMF agree to a EUR 100 billion bailout package for Greece on May 2.
The EU decides on a comprehensive package of measures to preserve financial stability in Europe, including a European Financial Stabilization mechanism with a total volume of up to EUR 500 billion (May 10).
10-year Irish bond yields rise above 9% in the secondary market by the end of November. The EU and the IMF agree to a EUR 85 billion bailout package for Ireland on May 29.
April - May 2011
Portugal formally requests a bailout on April 6. 10-year Portuguese bond yields continue to rise to 10% during May. The EU and IMF agree to a EUR 78 billion bailout for Portugal on May 16.
The EU and the IMF agree to release funds promised to Greece under the May 2010 bailout package and agree to prepare a second aid package.
10-year bond yields for Italy and Spain both rise above 6% in early August. The European Central Bank says it will buy government bonds from these countries to try to bring down their borrowing costs.
Belgium, France and Luxembourg agree to bail out the troubled bank Dexia. European banks are told to raise more capital.
European leaders obtain an agreement from banks to take a 50% loss on the face value of their Greek bonds as part of a plan to restructure Greece’s debt.
The president of the European Central Bank says the institution will do “whatever it takes” to preserve the euro.