Countdown to the bank raid

September 15, 2008

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.