Countdown to the bank raid
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.
Frequently Asked Questions about this Article…
The article notes that the global credit markets froze following the collapse of Lehman Brothers on September 15, 2008.
On May 2, 2010, Europe and the IMF announced a €110 billion bailout package for Greece, according to the timeline in the article.
The article states that between May 7–9, 2010 European financial ministers created a €500 billion European Financial Stability Facility to address the sovereign debt crisis.
As the article reports, on August 4, 2011 the European Central Bank began buying Italian and Spanish bonds in response to spreading contagion fears in European credit markets.
According to the article, Cyprus borrowed €2.5 billion from Russia on December 24, 2011 to fund its 2012 financial needs.
The timeline in the article records that on February 12, 2012 the Greek parliament approved austerity measures.
The article notes that on October 10, 2012 the IMF admitted austerity measures had hurt the European economy more than it had previously thought.
The article reports that on March 16, 2013 Cypriots learned their bank accounts were to be raided as part of a €10 billion bailout of the country’s banking system.
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