TIMELINE-Greece’s debt crisis — hurdles ahead

Jan 29 (BestGrowthStock) – As Greece scrambles to convince its
European partners and financial markets that it will do what it
takes to repair public finances, doubts are intensifying over
its ability to get its budget and debt under control.

Greece’s borrowing costs have skyrocketed to euro lifetime
highs causing increased strains on its budget and debt
refinancing needs.

Here is a timeline of main events that could be pivotal in
how the indebted country’s debt crisis further unfolds:


Feb 3 – The European Commission will issue recommendations
for Greece to correct its excessive deficit and set a deadline
for reducing it below 3 percent. This recommendation will be
endorsed by EU finance ministers at their next meeting on Feb


Feb 10 – Public sector employees union ADEDY has called a
24-hour nationwide strike to protest against the government’s
austerity measures.

The socialist government has imposed a wage freeze for civil
servants earning more than 2,000 euros a month and various cuts
that will amount to a 2-3 percent drop in real wages.

Greek tax officials have also called rolling nationwide
strikes throughout February. Private sector union grouping GSEE
has said it will stage a 24-hour strike against the government’s
austerity measures at end-February.


Feb 11 – A special European Union summit on the economy will
make recommendations on Greece’s recently submitted fiscal plan,
which targets a 4 percentage-point-deficit reduction this year
to 8.7 percent of GDP and a return to the EU’s 3 percent cap by


February – Government set to unveil tax reform bill which
will likely include a capital gains tax and higher tax rates on
large incomes and property holdings.


February/March – Greece considering roadshows to the United
States and Asia, including China and Japan, aiming to diversify
its debt investor base, now largely European.


April 20 – Greece will need to refinance 8.2 billion euros
of a maturing 5-year, 3.1 percent fixed-coupon government bond.

April 23 – Another 1.92 billion euros of short-term debt
becomes due — 13-week T-bills the Greek debt agency issued in
Jan this year.

May 19 – Greece will need to refinance 8.5 billion euros of
a maturing 10-year fixed-coupon 6.0 percent bond.


April – Government plans to bring to parliament a pension
reform bill, which will aim to cut runaway health care costs and
clamp down on social security fraud.

Stock Market Analysis

(Reporting by Tatiana Fragou, Angeliki Koutantou and George
Georgiopoulos; editing by Patrick Graham)

TIMELINE-Greece’s debt crisis — hurdles ahead