June 2010: Moody’s joins Standard & Poor’s and downgrades Greece’s credit rating to “junk” status.
July 2010: Only 9 of Greece’s 71 banks fail stress tests, meaning that all but those seven have adequate capital.
August 2010: Greece meets the austerity requirements necessary for it to receive its second tranche of funds from the EU/IMF bailout.
January 2011: Despite meeting several benchmarks in the second half of 2010, Fitch cuts Greece’s credit rating to “junk” status in January.
June 2011: Greece pushes through another slew of unpopular austerity measures in order to qualify for a tranche of the bailout funds in July, which will end the upcoming fall.
