Photograph by Louisa Gouliamaki/AFP/Getty Images
October 2009: The Greek Surprise
Oct. 4: George Papandreou leads Socialist Pasok Party to a landslide victory in Greek elections, beating New Democracy by the widest margin since 1981 on pledges to boost spending and wages.
Oct. 18: Almost immediately after the election, Papandreou's government revises Greece's government debt figures, revealing that previous governments had manipulated Greece's economic data. The revised forecasts show Greek debt hitting 13 percent of output for 2009, four times the European limit. The revelation sets off the first chain of bond-rating cuts that push up Greece's costs of borrowing.