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Context of 'June 20, 2011: European Markets Take Huge Tumble following Eurozone Leaders’ Failure to Agree on Greece Bailout'

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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

Eurozone policymakers fail to reach an agreement over the weekend on financial aid to bail out Greece, resulting in a sharp market drop on Monday morning as disappointed traders react to the leaders’ failure to guarantee the next €12 billion installment of Greece’s original bailout. Widespread speculation is that a disorganized Greek default will send Eurozone single-currency nations, as well as nations around the globe, into another panic. [Guardian, 6/20/2011]

Entity Tags: European Union, International Monetary Fund, Greece, Eurozone

Timeline Tags: Global Economic Crises

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