European Debt Crisis Fast Facts

(CNN)Here's a look at the European Debt Crisis, which affected Cyprus, Greece, Ireland, Italy, Portugal and Spain.


July 11, 2011 - A munitions explosion at a naval base kills 13 people and destroys the country's main power station. The resulting blackouts severely impact the tourism and finance sectors of the economy.
    December 23, 2011 - After a series of credit downgrades and exposure to the financial crisis in Greece, Cyprus signs an agreement with Russia for an emergency loan worth €2.5 billion to shore up its economy. Cyprus agrees to pay the loan back over 4.5 years with a 4.5% interest rate.
      June 25, 2012 - The government of Cyprus announces that it will seek a bailout from the European Union (EU) and the International Monetary Fund (IMF) to prop up its banks. According to the IMF, banks in Cyprus have approximately €152 billion in outstanding loans or other money at risk, which is eight times the country's gross domestic product.
      January 21, 2013 - The Eurozone finance minister tells the government of Cyprus that a bailout will be delayed over concerns that the bailout of €17 billion is too large. The amount is almost equivalent to the country's annual gross domestic product.
      February 24, 2013 - Conservative Nicos Anastasiades is elected president by a double-digit margin.
      March 16, 2013 - Cyprus reaches an agreement on a bailout with eurozone finance ministers, the IMF and the European Central Bank (ECB). The terms include a one-time tax of 9.9% on bank deposits of more than €100,000. Smaller deposits would pay a tax of 6.75%. This "haircut" reduces the total amount of the EU bailout to approximately €10 billion. Cyprus also agrees to raise its corporate tax rate and ensure its banks aren't havens for money laundering.
      March 19, 2013 - Cyprus' Parliament rejects the EU bailout, after protests from the public.
      March 19, 2013 - The UK flies a plane with €1 million aboard to provide cash for 3,000 British soldiers stationed on Cyprus.
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