It all started in June 2009. On June 23, Greece's finance minister Yannis Papathanassiou stated: 'The rate of growth for the Greek economy in 2009 is expected to slow more than forecasted. Specifically, it will range around zero and only return to growth in 2010.' The disclosed budget deficit at the time was $3.1 billion.The question is: With such a great track record of incompetence, lies and deception, will you still trust these guys and their abilities?
On October 22, 2009, Fitch lowered Greece's rating from A to A-. On October 30, Moody's placed Greece's A1 rating on review for a possible downgrade. So far it all sounds pretty innocent. The rest of the story is described simply in headlines:
December 17, 2009: 'Greek woes hit Euro'
December 21 2009: 'ECB member says no bailouts for Greece'
January 18 2010: 'Two EU ministers: No bailout for Greece'
January 19 2010: 'Greece tackles statistics trouble' (hmm, the numbers just didn't add up despite all the financial alchemy)
February 9, 2010: 'Bulls run on Greece news' (over rumors about a bailout)
February 11, 2010: 'European Union throws a big fat Greek bailout'
February 22, 2010: 'Debtors bet Greece won't spill'
February 27, 2010: 'Athens, Berlin spar as bailout takes shape (talks about $41 billion)
March 4, 2010: 'Is Greece's crisis over?'
April 24, 2010: 'Greece asks for $60 billion bailout'
April 27, 2010: 'Greece contagion fears unfounded'
May 3, 2010: 'Greece gets $146 billion rescue'
May 3, 2010: 'Wall Street up sharply on data, Greece package'
May 8, 2010: 'Stocks tumble on faulty quotes, Greek concerns'
June 14, 2010: 'Greece's government bond ratings cut to junk by Moody's
July 5, 2010: 'Greece upbeat on bid to exit from crisis'
December 17, 2010: 'IMF approves $3.3 billion for Greece amid impressive fiscal adjustment'
And You Think You Can Trust Greece or the IMF?
Courtesy of Yahoo Finance, here's a nice summary of the events that led to the probable collapse of Greece in the next few weeks or months, depending on how far the politics manage to kick the can: