Greek drama: How the day of crisis unfolded

 

08:30

Italian debt falls in value on the bond markets and the interest rate on 10-year bonds rises correspondingly – a reflection of Italian uncertainty over the future of Silvio Berlusconi.

09:30

Two MPs from the party of Greek PM George Papandreou say they will abstain in today's confidence vote, removing his majority.

09:39

France's European Affairs Minister, Jean Leonetti, says that the eurozone could "live without" Greece.

10:00

An emergency cabinet meeting starts in Athens.

11:13

After intense speculation that Papandreou is to stand down, his chief of staff says the PM will not quit.

11:23

The European Commission is reported as saying it is impossible to quit the euro without also quitting the EU. The EC clarifies its statement, saying there are no provisions in the eurozone treaty for a country to leave.

11:38

UK Treasury Minister Mark Hoban tells MPs that the debt crisis is having a "chilling effect" on the UK economy.

11:51

Despite the repeated denials, speculation that Papandreou is about to quit resurface on Greek TV.

12:16

Antonis Samaras, left, head of the Greek opposition, calls for a, "temporary government with an exclusive mandate to immediately hold elections... and the ratification of the bailout deal". MPs from all sides register their agreement.

13:00

David Cameron confirms that Britain could increase its contributions to the IMF.

13:00

It is reported that France and the UK are leading a drive to increase the IMF's financial strength in case of an Italian or Spanish collapse. David Cameron says there will be no direct British money in a eurozone bailout fund.

13:19

Papandreou is again forced to insist he won't resign. Reports he is to meet the president are denied.

14:25

The ECB announces a eurozone interest rate cut of 0.25% to 1.25%

14:51

Socialist MPs say that Papandreou has scrapped his proposed plan to stage a referendum.

14:56

Papandreou rejects the idea of elections.

15:08

Papandreou's office confirms that the plan to hold a referendum has been dropped.

15:52

Papandreou begins his address to Parliament. "We are proud of what we have achieved so far and what we are achieving everyday," he tells MPs.

16:08

Papandreou appears to alter his position on a referendum again – it is "our decision... a decision for the government", he says.

16:29

He tells parliament that he is willing to negotiate with opposition to secure the bailout deal.

16:50

Finance minister Evangelos Venizelos tells MPs that Greece must unequivocally rule out a referendum.

17:20

Sarkozy warns: "If the euro explodes, Europe will explode."

17:44

Greek police report a number of "incidents" in Athens.

17:55

Samaras tells Papandreou to resign and demands elections within six weeks.

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