Reuters | Tue Jul 13, 2010 | 2:48pm IST
Here is a timeline of events in the euro zone debt crisis in reverse chronological order:
July 13 – Moody’s cuts Portugal’s debt rating by two notches to A1 citing rising debt and weak growth prospects, and says the country may need more austerity measures in its 2011 budget.
July 8 – Greece’s main private and public sector unions strike for 24 hours to protest against sweeping pension reform. Greek lawmakers vote in favour of the pension reform.
July 7 – Germany agrees on a four-year, 80 billion euro ($100 billion) austerity plan, committing the country to cutting its budget deficit and shoring up Chancellor Angela Merkel’s centre-right coalition.
— Europe lists 91 banks taking part in financial stress tests, which are expected to provide more detail about problematic assets, including bonds issued by peripheral euro zone countries and loan exposures to troubled pockets.
June 30 – A strike by Spanish underground rail workers causes more traffic chaos in Madrid as unions threaten further stoppages over austerity measures.
June 29 – About 10,000 people take part in marches across Athens during a nationwide strike against austerity measures.
— Greece starts to debate overhaul of pensions to raise women’s retirement age from 60 to match men at 65 and demand more years at work to qualify for a pension. Greece’s debt reached 133 percent of GDP in 2010.
June 25 – The CGIL, Italy’s biggest union with 6 million members, holds rallies in Rome, Milan and other cities to force the government to redraft a 25-billion-euro austerity package.