Finally, on 2 May 2010, the eurozone members and the IMF agree a 110bn-euro bail

out package to rescue Greece.

On 13 March, the eurozone finally backs a second Greek bailout of 130bn euros. I
MF backing was also required and was later given.
in March 2012, the Greek government did finally default on its debt, which was t
he largest default in history by a government, about twice as big as Russia's 19
18 default.
third bailout package for 2015 16 worth 32.6bn of extra loans
ireland
With yields on Irish Government debt rising rapidly it was clear that the Gover
nment would have to seek assistance from the EU and IMF, resulting in a 67.5 bill
ion "bailout" agreement of 29 November 2010[112]
In July 2011 European leaders agreed to cut the interest rate that Ireland was
paying on its EU/IMF bailout loan from around 6% to between 3.5% and 4% and to d
ouble the loan time to 15 years. The move was expected to save the country betwe
en 600 700 million euros per year
in December 2013, after three years on financial life support, Ireland finally
left the EU/IMF bailout programme, although it retained a debt of 22.5 billion to
the IMF.
portugal
In the first half of 2011, Portugal requested a 78 billion IMF-EU bailout packag
e in a bid to stabilise its public finances.
On 18 May 2014 Portugal left the EU bailout mechanism without additional need f
or support,[27] as it had already regained a complete access to lending markets
back in May 2013,[102] and with its latest issuing of a 10-year government bond
being successfully completed with a rate as low as 3.59%.
spain
Nevertheless, in June 2012, Spain became a prime concern for the Euro-zone[152]
when interest on Spain's 10-year bonds reached the 7% level and it faced diffic
ulty in accessing bond markets. This led the Eurogroup on 9 June 2012 to grant S
pain a financial support package of up to 100 billion.[153] The funds will not go
directly to Spanish banks, but be transferred to a government-owned Spanish fun
d responsible to conduct the needed bank recapitalisations (FROB), and thus it w
ill be counted for as additional sovereign debt in Spain's national account.
italy
Italy's debt is larger than the whole economies of Ireland, Portugal, and Greec
e combined.
BLAME THE DEBT
Italy's debt ratio is the second worst in the euro zone, behind only Greece. Th
e country's national debt weighs in at roughly 120% the size of its gross domest
ic product, or about $2.6 trillion.
n a word: growth. Back in the go-go 1990s, Italy's government actually learned
to budget carefully and enjoyed slow but consistent GDP growth. Low deficits kep
t the size of the debt stable, and an expanding economy, aided by moderate infla
tion, made it possible to finance interest payments on what the government alrea
dy owed. Thus, the country's economy stayed afloat.
Starting in 2001, Italy's GDP growth turned absolutely paltry. It finally plun
ged below zero during the global recession and has barely recovered since
BLAME THE PRODUCTIVITY
: you have an economy dominated by red tape and small companies, which lack th
e funding to make technology investments that would improve their competitivenes
s.
BLAME THE GOVERNMENT
The country's debt crisis, fueled by doubts over the government's ability to ena
ct broad economic reforms, took a drastic turn for the worse yesterday, when Ita

ly's bond yields rocketed above 7%

in feb 2011,
In February, eurozone finance ministers set up a permanent bailout fund, called
the European Stability Mechanism, worth about 500bn euros.
In May 2011, the eurozone and the IMF approve a 78bn-euro bailout for Portugal.
July 2011, greece second bailout 109 bn euro
sep, 2011 italy passes a 50bn-euro austerity budget.
On 21 October eurozone finance ministers approve the next, 8bn euro ($11bn; 7bn),
tranche of Greek bailout loans, potentially saving the country from defau
2012
On 12 February 2012, Greece passes the unpopular austerity bill in parliament two months before a general election