The Euro Crisis Odyssey, Four Years and 19 Summit Meetings Later

- 2012-09-10T14:26:17Z

Photograph by Simon Dawson/Bloomberg

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April: "A New Odyssey"

April 12: Euro-area finance ministers agree to provide up to 30 billion euros of loans to Greece over the next year with the IMF agreeing to put up another 15 billion euros in funds.

April 21: Greece, facing 8.5 billion euros in bond redemptions the following month, begins talks with the EU, the ECB and the IMF on conditions tied to 45 billion euros in aid.

April 22: The EU revises Greece's 2009 budget deficit to almost 14 percent of GDP, higher than the government's previous forecast of almost 13 percent. Ireland overtakes Greece as the EU nation with the largest deficit with its shortfall revised to more than 14 percent. Moody's cuts Greece debt rating one level to A3.

April 23: Papandreou requests a 45 billion-euro bailout from the EU and IMF, calling it a "a new Odyssey for Greece." "But we know the road to Ithaca and have charted the waters," he added, referring to the return of mythological hero Ulysses to his island home. Odysseus's journey took ten full years.

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