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Context of 'June 20, 2011: EU Fail to Release Billions to Bail Out Troubled Greece Economy; Insists Greek Parliament Must First Pass Austerity Plan'

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The International Monetary Fund (IMF) approves a $2.1 billion loan for Iceland, whose economy has been devastated by the global financial crisis. Iceland becomes the first Western European nation to get an IMF loan since Britain in 1976. [BBC, 2/2/2009]

Entity Tags: International Monetary Fund

Timeline Tags: Global Economic Crises

In response to Greece’s financial problems, Greek Prime Minister Georgios Papandreou outlines policies to cut the country’s ballooning budget deficit and try to regain the trust of investors and EU partners. Papandreou pledges a 10 percent cut in social security spending in 2010. He also says he will abolish bonuses at government-run banks and put a 90 percent tax on private bankers’ bonuses. Further, he promises a serious fight against corruption and tax evasion, calling them the country’s biggest problems. In addition, he announces a drastic overhaul of the pension system in six months and a new tax system that will make the wealthier carry more of the burden. [Reuters, 3/3/2010]

Entity Tags: Georgios Papandreou

Timeline Tags: Global Economic Crises

Instead of releasing €12 billion ($17.2 billion) to help the Greek government’s worsening economic and political crises, EU leaders assembling in Luxembourg for seven hours, from Sunday night into Monday morning, place more pressure on the Greek government after the International Monetary Fund (IMF) required Europe to guarantee Greece’s finances for the next 12 months. Rather than act with a sense of urgency, EU finance ministers expect the Greek Parliament and President George Papandreou to pass an austerity bill. Greece’s crises threaten to topple the euro and EU financial markets. [New York Times, 6/20/2011]

Entity Tags: European Union, International Monetary Fund, Greece, Georgios Papandreou

Timeline Tags: Global Economic Crises

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