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Greece crisis timeline: the rocky road to another bailout Greece crisis timeline: the rocky road to another bailout
(about 4 hours later)
25 January: Syriza party sweeps to power25 January: Syriza party sweeps to power
The anti-austerity far-left Syriza party wins the Greek election by a decisive margin, but is just short of an outright majority. Leader Alexis Tsipras says his party’s victory marks an end to the “vicious cycle of austerity”. The new prime minister appoints as finance minister the radical economist Yanis Varoufakis, who has described austerity programmes as “fiscal waterboarding”.The anti-austerity far-left Syriza party wins the Greek election by a decisive margin, but is just short of an outright majority. Leader Alexis Tsipras says his party’s victory marks an end to the “vicious cycle of austerity”. The new prime minister appoints as finance minister the radical economist Yanis Varoufakis, who has described austerity programmes as “fiscal waterboarding”.
2 March: Default fears rise as Greece granted four-month extension2 March: Default fears rise as Greece granted four-month extension
Greece secures a eurozone bailout extension for four months after Tsipras bows to German-led pressure to stick to the broad terms of the rescue package.Greece secures a eurozone bailout extension for four months after Tsipras bows to German-led pressure to stick to the broad terms of the rescue package.
But with a heavy schedule of debt repayments due in the months ahead, fears continue to rise that Greece will default unless its international creditors release the €7.2bn (£5.1bn) remaining to be tapped from the bailout funds.But with a heavy schedule of debt repayments due in the months ahead, fears continue to rise that Greece will default unless its international creditors release the €7.2bn (£5.1bn) remaining to be tapped from the bailout funds.
11 March: Greece demands war reparations11 March: Greece demands war reparations
Greece’s strained relations with Germany take a turn for the worse as the new government in Athens raises the spectre of seizing German assets for war reparations. Tspiras says Berlin has a moral obligation to make amends for years of Nazi occupation. Germany responds by saying it honoured its war obligations and would not be revisiting the controversy.Greece’s strained relations with Germany take a turn for the worse as the new government in Athens raises the spectre of seizing German assets for war reparations. Tspiras says Berlin has a moral obligation to make amends for years of Nazi occupation. Germany responds by saying it honoured its war obligations and would not be revisiting the controversy.
Tspiras returns to the subject later in March during a joint press conference with German chancellor Angela Merkel.Tspiras returns to the subject later in March during a joint press conference with German chancellor Angela Merkel.
12 March: Germany-Greece row heats up12 March: Germany-Greece row heats up
German finance minister Wolfgang Schäuble describes as “nonsense” accusations that he insulted Greek counterpart Varoufakis with comments that he was “foolishly naive”.German finance minister Wolfgang Schäuble describes as “nonsense” accusations that he insulted Greek counterpart Varoufakis with comments that he was “foolishly naive”.
6 April: Greece steps up US charm offensive6 April: Greece steps up US charm offensive
Varoufakis continues efforts to drum up US support for his debt-stricken country, holding talks with senior administration officials after meeting International Monetary Fund (IMF) managing director Christine Lagarde.Varoufakis continues efforts to drum up US support for his debt-stricken country, holding talks with senior administration officials after meeting International Monetary Fund (IMF) managing director Christine Lagarde.
8 April: Tsipras meets Putin in Moscow8 April: Tsipras meets Putin in Moscow
Tsipras has talks with Russian presidentVladimir Putin in Moscow. Athens insists it will not seek financial aid from the Kremlin but analysts say Greece is playing both Russia and the EU. During his visit, Tsipras calls on Europe to end its sanctions against Russia, warning that they could lead to a new cold war.Tsipras has talks with Russian presidentVladimir Putin in Moscow. Athens insists it will not seek financial aid from the Kremlin but analysts say Greece is playing both Russia and the EU. During his visit, Tsipras calls on Europe to end its sanctions against Russia, warning that they could lead to a new cold war.
27 April: Varoufakis shuffled out27 April: Varoufakis shuffled out
Greece moves to inject fresh momentum into talks with creditors, reshuffling its negotiating team to try and defuse tensions over its outspoken finance minister. Athens insists Varoufakis would continue to supervise talks but says the minister of international financial relations, Oxford-educated Euclid Tsakalotos, would take over the coordination of the new team.Greece moves to inject fresh momentum into talks with creditors, reshuffling its negotiating team to try and defuse tensions over its outspoken finance minister. Athens insists Varoufakis would continue to supervise talks but says the minister of international financial relations, Oxford-educated Euclid Tsakalotos, would take over the coordination of the new team.
Varoufakis denies he has been sidelined from talks.Varoufakis denies he has been sidelined from talks.
Related: 100 days of solitude: Syriza struggles as Greeks once again stare into the abyssRelated: 100 days of solitude: Syriza struggles as Greeks once again stare into the abyss
6 May: Greek debt default avoided6 May: Greek debt default avoided
Greece gains some breathing space in its battle to stay solvent as it meets the deadline for a €200m debt payment to the IMF and the European Central Bank extends its lifeline to the country’s banking system.Greece gains some breathing space in its battle to stay solvent as it meets the deadline for a €200m debt payment to the IMF and the European Central Bank extends its lifeline to the country’s banking system.
Greece makes another IMF loan repayment a few days later, but it emerges that it met the €750m with money held at the IMF itself.Greece makes another IMF loan repayment a few days later, but it emerges that it met the €750m with money held at the IMF itself.
24 May: Greece warns of new default risk24 May: Greece warns of new default risk
Greece threatens to default on €1.6bn of debt repayment due on international bailout loans in June, claiming it does not have the funds to satisfy creditors at the same time as paying wages and pensions.Greece threatens to default on €1.6bn of debt repayment due on international bailout loans in June, claiming it does not have the funds to satisfy creditors at the same time as paying wages and pensions.
28 May: IMF head warns: Grexit a possibility28 May: IMF head warns: Grexit a possibility
Lagarde says a Greek exit from the eurozone is a possibility as the indebted country strives to meet a 5 June deadline for a €305m payment to the IMF.Lagarde says a Greek exit from the eurozone is a possibility as the indebted country strives to meet a 5 June deadline for a €305m payment to the IMF.
4 June: Greece delays IMF repayment4 June: Greece delays IMF repayment
Greece moves closer to default after telling the IMF it will not be making a debt repayment of €300m due the next day. Athens surprises the IMF by saying it intends to bundle up four payments in June totalling €1.6bn and make them all at the end of the month.Greece moves closer to default after telling the IMF it will not be making a debt repayment of €300m due the next day. Athens surprises the IMF by saying it intends to bundle up four payments in June totalling €1.6bn and make them all at the end of the month.
7 June: Juncker accuses Tsipras of lying over bailout talks7 June: Juncker accuses Tsipras of lying over bailout talks
European commission president Jean-Claude Juncker makes a blistering attack on Tsipras, accusing him of undermining negotiations over new terms for a bailout and of effectively lying to the Greek parliament.European commission president Jean-Claude Juncker makes a blistering attack on Tsipras, accusing him of undermining negotiations over new terms for a bailout and of effectively lying to the Greek parliament.
9 June: Greece submits new reforms package9 June: Greece submits new reforms package
Tsipras warns that the failure to agree a rescue deal would spell the end of the eurozone, as he submits a revised package of reforms to negotiators in Brussels. But EU officials do little to hide their frustration at what they see as Greece’s lack of compromise.Tsipras warns that the failure to agree a rescue deal would spell the end of the eurozone, as he submits a revised package of reforms to negotiators in Brussels. But EU officials do little to hide their frustration at what they see as Greece’s lack of compromise.
11 June: IMF walks out of talks11 June: IMF walks out of talks
The IMF walks out of bailout talks, accusing Athens of failing to compromise over labour market and pension reforms. The move by the Washington-based lender of last resort’s team of negotiators follows increasingly sharp criticism from EU officials frustrated at the Greek government’s continued refusal to bow to creditors’ demands.The IMF walks out of bailout talks, accusing Athens of failing to compromise over labour market and pension reforms. The move by the Washington-based lender of last resort’s team of negotiators follows increasingly sharp criticism from EU officials frustrated at the Greek government’s continued refusal to bow to creditors’ demands.
17 June: UK steps up contingency plans17 June: UK steps up contingency plans
The UK starts planning for “serious economic risks” arising from Greek exit from the euro.The UK starts planning for “serious economic risks” arising from Greek exit from the euro.
18 June: Eurozone talks break down18 June: Eurozone talks break down
Greece faces a full-blown banking crisis after a meeting of eurozone finance ministers breaks down in acrimony and recrimination. Fears of more money flooding out of Greek banks intensify as it emerges that about €2bn of deposits have been withdrawn for the week so far.Greece faces a full-blown banking crisis after a meeting of eurozone finance ministers breaks down in acrimony and recrimination. Fears of more money flooding out of Greek banks intensify as it emerges that about €2bn of deposits have been withdrawn for the week so far.
22 June: Emergency summit boosts deal hopes22 June: Emergency summit boosts deal hopes
The Athens stock market surges 9% as an emergency EU summit ends with high hopes of reaching a deal within 48 hours. The country’s European partners welcome proposals from Athens to cut its pension bill and raise extra money from VAT. The new Greek proposals leak, revealing cuts of €8bn.The Athens stock market surges 9% as an emergency EU summit ends with high hopes of reaching a deal within 48 hours. The country’s European partners welcome proposals from Athens to cut its pension bill and raise extra money from VAT. The new Greek proposals leak, revealing cuts of €8bn.
25 June: Talks fail again25 June: Talks fail again
In the fourth diplomatic failure in eight days, talks on the Greek debt crisis between eurozone finance ministers grind to a halt after Athens rejects counter-proposals from its creditors. With a €1.6bn payment due to the IMF within days, more talks are scheduled.In the fourth diplomatic failure in eight days, talks on the Greek debt crisis between eurozone finance ministers grind to a halt after Athens rejects counter-proposals from its creditors. With a €1.6bn payment due to the IMF within days, more talks are scheduled.
26 June: Tsipras calls referendum26 June: Tsipras calls referendum
Greece rejects a proposed five-month extension of the second bailout and after an emergency meeting of his cabinet, Tsipras says the government has decided that a package of austerity measures proposed by creditors will be put to a popular vote. The referendum will take place on 5 July.Greece rejects a proposed five-month extension of the second bailout and after an emergency meeting of his cabinet, Tsipras says the government has decided that a package of austerity measures proposed by creditors will be put to a popular vote. The referendum will take place on 5 July.
28 June: Tsipras announces capital controls and bank holiday28 June: Tsipras announces capital controls and bank holiday
The Greek government confirms capital controls are being imposed. Greeks will be restricted to taking out just €60 a day for the next week, and banks will not reopen until 7 July – two days after the referendum.The Greek government confirms capital controls are being imposed. Greeks will be restricted to taking out just €60 a day for the next week, and banks will not reopen until 7 July – two days after the referendum.
30 June: Greece defaults. Bailout expires30 June: Greece defaults. Bailout expires
Greece becomes the first country in the EU to default on its creditors as it fails to make a €1.5bn payment to the IMF on time. On the same day its second international bailout package expires, appearing to leave the country without a financial lifeline.Greece becomes the first country in the EU to default on its creditors as it fails to make a €1.5bn payment to the IMF on time. On the same day its second international bailout package expires, appearing to leave the country without a financial lifeline.
2 July: IMF says Greece needs extra €60bn in funds and debt relief2 July: IMF says Greece needs extra €60bn in funds and debt relief
The IMF electrifies the referendum debate in Greece after it concedes that the country needs up to €60bn of extra funds over the next three years and large-scale debt relief.The IMF electrifies the referendum debate in Greece after it concedes that the country needs up to €60bn of extra funds over the next three years and large-scale debt relief.
5 July: ‘No’ vote against austerity measures5 July: ‘No’ vote against austerity measures
Greece’s referendum delivers a resounding no to its creditors, in a move that stuns the eurozone. The no campaign exceeds all expectations by securing 61.31% of the vote, despite eurozone leaders having lined up ahead of the poll to tell Greeks it was really a choice between the euro and the drachma.Greece’s referendum delivers a resounding no to its creditors, in a move that stuns the eurozone. The no campaign exceeds all expectations by securing 61.31% of the vote, despite eurozone leaders having lined up ahead of the poll to tell Greeks it was really a choice between the euro and the drachma.
6 July: Surprise resignation of Varoufakis6 July: Surprise resignation of Varoufakis
Varoufakis quits, despite the country’s decisive rejection of the eurozone’s terms for Greece remaining in the single currency. Announcing his resignation in a blog post entitled Minister No More!, Varoufakis said Tsipras thought it would be better if he stood down, after pressure from European leaders.Varoufakis quits, despite the country’s decisive rejection of the eurozone’s terms for Greece remaining in the single currency. Announcing his resignation in a blog post entitled Minister No More!, Varoufakis said Tsipras thought it would be better if he stood down, after pressure from European leaders.
Related: Yanis Varoufakis: some of his best quotesRelated: Yanis Varoufakis: some of his best quotes
8 July: Eurozone leaders set new Greek deadline8 July: Eurozone leaders set new Greek deadline
European leaders set a new deadline of 12 July by which Tsipras, has to capitulate to their menu of cuts, tax rises and fundamental reforms of the Greek economy in return for bailout money. Otherwise, EU leaders say, Greece will be cut off from the eurozone.European leaders set a new deadline of 12 July by which Tsipras, has to capitulate to their menu of cuts, tax rises and fundamental reforms of the Greek economy in return for bailout money. Otherwise, EU leaders say, Greece will be cut off from the eurozone.
9 July: Greece capitulates9 July: Greece capitulates
The Greek government capitulates to demands from its creditors for severe austerity measures in return for a modest debt writeoff, raising hopes that a rescue deal could be signed at an upcoming emergency weekend meeting of EU leaders.The Greek government capitulates to demands from its creditors for severe austerity measures in return for a modest debt writeoff, raising hopes that a rescue deal could be signed at an upcoming emergency weekend meeting of EU leaders.
12 July: Germany and France press Greece for austerity guarantees12 July: Germany and France press Greece for austerity guarantees
At an emergency summit in Brussels, European leaders confront the Greek government with a draconian package of austerity measures entailing a surrender of fiscal sovereignty as the price of avoiding financial collapse and being ejected from the single currency.At an emergency summit in Brussels, European leaders confront the Greek government with a draconian package of austerity measures entailing a surrender of fiscal sovereignty as the price of avoiding financial collapse and being ejected from the single currency.
17 July: Tsipras reshuffles cabinet to clear out bailout dissidents17 July: Tsipras reshuffles cabinet to clear out bailout dissidents
Tsipras seeks to rid his government of hardline leftists who oppose further austerity by reshuffling his cabinet. Following a vote in favour of starting talks about a third Greek bailout in the German parliament, the EU agrees to a €7bn, three-month bridging loan.Tsipras seeks to rid his government of hardline leftists who oppose further austerity by reshuffling his cabinet. Following a vote in favour of starting talks about a third Greek bailout in the German parliament, the EU agrees to a €7bn, three-month bridging loan.
20 July: Banks reopen in Greece20 July: Banks reopen in Greece
Greece takes a step back to normality as its banks reopen following three weeks of closures and it receives a €7.2bn loan, spending almost all of it immediately on repaying debts.Greece takes a step back to normality as its banks reopen following three weeks of closures and it receives a €7.2bn loan, spending almost all of it immediately on repaying debts.
23 July: Vote clears way for bailout talks23 July: Vote clears way for bailout talks
Greece is ready to begin formal talks on a proposed €86bn (£60bn) bailout after MPs voted for reforms demanded by its creditors in a vote overnight. While 230 MPs backed a package of reforms, 63 voted against. Tsipras managed to contain the rebellion in his own ranks.Greece is ready to begin formal talks on a proposed €86bn (£60bn) bailout after MPs voted for reforms demanded by its creditors in a vote overnight. While 230 MPs backed a package of reforms, 63 voted against. Tsipras managed to contain the rebellion in his own ranks.
26 July: Greece rocked by reports of secret bank raid plan26 July: Greece rocked by reports of secret bank raid plan
Reports emerge suggesting some members of Greece’s government wanted to raid central bank reserves and hack taxpayer accounts to prepare a return to the drachma. It is not clear how seriously the government considered the plans, attributed to former energy minister Panagiotis Lafazanis and Varoufakis.Reports emerge suggesting some members of Greece’s government wanted to raid central bank reserves and hack taxpayer accounts to prepare a return to the drachma. It is not clear how seriously the government considered the plans, attributed to former energy minister Panagiotis Lafazanis and Varoufakis.
The former finance minister later defends his contingency plans, saying it would have been remiss of him not to have a plan B if negotiations with the country’s creditors had collapsed.The former finance minister later defends his contingency plans, saying it would have been remiss of him not to have a plan B if negotiations with the country’s creditors had collapsed.
30 July: IMF says no bailout role without Greek debt relief30 July: IMF says no bailout role without Greek debt relief
The IMF says it will refuse to participate in a new bailout for Greece until there is an “explicit and concrete agreement” on debt relief from the country’s eurozone creditors.The IMF says it will refuse to participate in a new bailout for Greece until there is an “explicit and concrete agreement” on debt relief from the country’s eurozone creditors.
11 August: Bailout hopes rise11 August: Bailout hopes rise
Greece’s stock market rallies on news that the indebted country and its creditors have reached an outline agreement over an €86bn bailout.Greece’s stock market rallies on news that the indebted country and its creditors have reached an outline agreement over an €86bn bailout.
14 August: Greece secures third bailout14 August: Greece secures third bailout
Two hundred days after sweeping to power, Greece’s Syriza-led government clinches the three-year bailout after parliamentarians in Athens back the deal, and Berlin relents on its opposition to the third rescue of the bankrupt country in five years.Two hundred days after sweeping to power, Greece’s Syriza-led government clinches the three-year bailout after parliamentarians in Athens back the deal, and Berlin relents on its opposition to the third rescue of the bankrupt country in five years.
19 August: German MPs vote yes to bailout19 August: German MPs vote yes to bailout
In a parliamentary session, German MPs vote 454 in favour, 113 against with 18 abstentions.In a parliamentary session, German MPs vote 454 in favour, 113 against with 18 abstentions.
20 August: New funds reach Athens in time for ECB debt deadline
The first chunk of rescue funds under the new bailout deal is released to Athens just in time for the Greek government to meet a debt payment of €3.2bn due to the European Central Bank. In the first tranche, Athens will get €10bn immediately to recapitalise its banks and a further €13bn in financial aid, which includes the funds to make the ECB payment. The remaining €3bn of the first disbursement - bringing the total to €26bn - will be made in the autumn if Greece carries out sufficient reforms.