April 2010: The eurozone activates more than $40 billion in loans for Greece. The International Monetary Fund says it will provide more than $20 billion in additional funds, and considers expanding that amount. Standard & Poor’s downgrades Greece’s rating to “junk” status (BB+). Greece releases an outline for a $33 billion austerity package in order to receive its multibillion dollar bailout by the European Union and International Monetary Fund.
May 2010: Protests erupt in Athens over the austerity package, but Prime Minister Papandreou vows to carry it out. After weeks of haggling over the size of the bailout, $152 billion in funds from the European Union and International Monetary Fund are approved, on the condition that Greece implements harsh austerity measures.