2000s European sovereign debt crisis timeline

From late 2009, fears of a sovereign debt crisis in some European states developed, with the situation becoming particularly tense in early 2010.

As Samuel Brittan pointed out,[6] Jason Manolopoulos "shows conclusively that the Eurozone is far from an optimum currency area".

On 2 May 2010, the Eurozone countries and the International Monetary Fund agreed to a €110 billion loan for Greece, conditional on the implementation of harsh austerity measures.

[20][21] In late June 2011, the crisis situation was again brought under control with the Greek government managing to pass a package of new austerity measures and EU leaders pledging funds to support the country.

Greek parties failed to form a coalition Government following the election and there was widespread speculation of Greece exiting the Eurozone, termed a "Grexit".

Countries using the Euro de jure
Countries and territories using the Euro de facto
The first round of austerity in 2010 failed to stop Greece's rising debt, which is expected to go up by 10% in 2011. [ 31 ]
Former President of France, Nicolas Sarkozy
Clash between riot police and a citizen – 29 June 2011
Angela Merkel, Chancellor of Germany
Demonstrators in front of the Greek parliament, 29 May
Indignants cleaning the streets around Syntagma Square on their 22nd day of protest on 15 June.
George Papandreou, the previous Prime Minister of Greece
Silvio Berlusconi, a former Prime Minister of Italy