Countdown to the bank raid
September 15, 2008
Global credit markets freeze following the collapse of Lehman Brothers.
May 2, 2010
Europe and the IMF announce €110 billion Greek bailout.
May 7-9, 2010
European financial ministers create €500 billion European financial stability facility.
August 4, 2011
European Central Bank starts buying Italian and Spanish bonds as contagion fears spread.
December 24, 2011
Cyprus borrows €2.5 billion from Russia to fund its 2012 financial needs.
February 12, 2012
Greek parliament approves austerity measures.
June 25, 2012
Cyprus formally requests bailout from EU and IMF.
October 10, 2012
IMF admits austerity measures have hurt European economy more than it thought.
March 16, 2013
Cypriots learn their bank accounts are to be raided as part of a €10 billion bailout of the country's banking system.