Government debt
Total amount of debt owed to lenders by a government/state
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| 2024 | U.S. gross general government debt reached $34 trillion. |
| 2020 | Global government debt reaches $87.4 trillion, accounting for 99% of gross domestic product and almost 40% of total debt, the highest share since the 1960s. |
| 2020 | COVID-19 recession contributes to further increase in global government debt. |
| 2020 | Global government debt reached $87.4 trillion, accounting for almost 40% of total debt - the highest share since the 1960s, further influenced by COVID-19 recession stimulus measures. |
| April 2019 |
Euro area crisis
The European Parliament endorsed regulatory changes to facilitate Sovereign Bond Backed Securities (SBBS), which are essentially equivalent to the original ESBies proposal.
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| 2018 |
Euro area crisis
Banks were required to start setting aside at least one percent of deposits covered by national guarantees for a special fund to finance banking crisis resolutions.
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| 2018 | Annual reports from U.S. Social Security and Medicare trust funds revealed Medicare faces $37 trillion unfunded liability over the next 75 years, and Social Security faces $13 trillion unfunded liability. |
| 2018 | Global government debt reached $66 trillion, equivalent to about 80% of global GDP. |
| August 20 2018 |
Euro area crisis
Greece's bailouts officially ended.
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| March 2018 |
Euro area crisis
Spain's unemployment rate fell to 16.1% and national debt reached 98.30% of GDP.
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| 2017 |
Euro area crisis
The European Central Bank showed interest in the European Safe Bonds (ESBies) proposal, originally developed by Princeton University economists, which suggested a novel approach to creating safe European government bonds.
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| 2016 |
Euro area crisis
Portugal reduces its budget deficit to below three percent, achieving this through a leftist coalition that increased minimum wage and reversed previous public sector cuts.
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| 2016 | U.S. state and local government debt reached $3 trillion, with an additional $5 trillion in unfunded liabilities. |
| 2015 |
Euro area crisis
Germany's budget includes a surplus for the first time since 1969, with projections indicating debt will be less than required by the Stability and Growth Pact by 2019.
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| August 2015 |
Euro area crisis
Greece agreed on a third bailout package.
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| July 6 2015 |
Euro area crisis
Greece's finance minister Yanis Varoufakis stepped down following the referendum results.
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| July 5 2015 |
Euro area crisis
Greek citizens voted 61% to 39% to reject a referendum on bailout conditions, leading to the resignation of finance minister Yanis Varoufakis on July 6th.
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| April 2015 |
Euro area crisis
The Cypriot government issued €1 billion of seven-year bonds with a 4.0% yield, continuing its efforts to return to financial markets.
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| 2014 |
Euro area crisis
The eurozone's current account surplus almost doubled compared to the previous year, reaching a record high of 227.9 billion Euros.
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| 2014 | International Monetary Fund published the Government Finance Statistics Manual (GFSM), which established recommended methodologies for compiling international debt statistics to ensure comparability. |
| September 4 2014 |
Euro area crisis
ECB cuts interest rates to a record low of 0.05%, aiming to make borrowing cheaper and boost economic investment.
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| June 2014 |
Euro area crisis
Cyprus began regaining access to private lending markets by selling €0.75 billion of bonds with a five-year maturity at a 4.85% yield.
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| January 23 2014 |
Euro area crisis
Spain formally exited the EU/IMF bailout mechanism as foreign investor confidence was restored.
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| January 1 2014 |
Euro area crisis
Introduction of new EU financial transaction tax by 11 out of 17 eurozone countries.
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| 2013 |
Euro area crisis
Spain was experiencing 27% unemployment and economic contraction of 1.4%.
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| 2013 |
Euro area crisis
European Central Bank (ECB) begins lowering bank rates to historical lows, reaching 0.25% in November.
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| 2013 |
Euro area crisis
According to the Euro Plus Monitor Report, the collective current account of Greece, Ireland, Italy, Portugal, and Spain was expected to balance by mid-2013, potentially ending their need to import capital.
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| June 2013 |
Euro area crisis
MSCI reclassified Greece as an emerging market, citing failure to qualify on several market accessibility criteria.
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| April 30 2013 |
Euro area crisis
The Cypriot House of Representatives fully endorsed the Troika's Memorandum of Understanding (MoU) outlining the final conditions for the bailout package.
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| March 2013 |
Euro area crisis
Economist Paul Krugman argued that the eurozone crisis is fundamentally a balance of payments crisis, not a debt crisis, highlighting the strong relationship between interest spreads and current account deficits.
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| March 25 2013 |
Euro area crisis
The final bailout agreement was settled, which included closing the troubled Laiki Bank and reducing the needed loan amount to €10 billion without imposing a general levy on bank deposits.
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| March 19 2013 |
Euro area crisis
The Cypriot parliament rejected the proposed bailout deal with 36 votes against, 19 abstentions, and one member not present for the vote.
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| December 2012 |
Euro area crisis
Greek government bought back €21 billion of their bonds for 33 cents on the euro.
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| November 30 2012 |
Euro area crisis
The Troika (European Commission, International Monetary Fund, and European Central Bank) and the Cypriot Government agreed on bailout terms, with negotiations focusing on the amount of financial support needed.
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| October 2012 |
Euro area crisis
International Monetary Fund (IMF) publishes a report revealing that tax hikes and spending cuts have damaged GDP growth more severely than expected.
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| September 2012 |
Euro area crisis
European Central Bank announced an 'unlimited bond-buying plan' to reduce financial market pressure on Spain.
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| June 2012 |
Euro area crisis
EU leaders agree to moderately increase European Investment Bank funds to kick-start infrastructure projects and increase private sector loans.
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| June 25 2012 |
Euro area crisis
The Cypriot Government officially requested a bailout from the European Financial Stability Facility or the European Stability Mechanism, citing difficulties in supporting its banking sector due to exposure to the Greek debt haircut.
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| June 17 2012 |
Euro area crisis
Centre-right party's narrow election victory gave hope that Greece would honour its obligations and stay in the Euro-zone.
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| June 9 2012 |
Euro area crisis
Eurogroup granted Spain a financial support package of up to €100 billion to address banking sector issues.
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| June 6 2012 |
Euro area crisis
European Commission adopted a legislative proposal for a harmonised bank recovery and resolution mechanism, aiming to manage bank failures and minimize financial instability across the EU.
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| May 2012 |
Euro area crisis
Bankia received a 19 billion euro bailout, in addition to a previous 4.5 billion euro support.
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| May 2012 |
Euro area crisis
German finance minister Wolfgang Schäuble signaled support for a significant increase in German wages to help decrease current account imbalances within the eurozone.
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| April 2012 |
Euro area crisis
European Commissioner Olli Rehn announces breakthrough for pilot projects, including plans to build highways in Greece and support economic recovery initiatives.
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| March 2012 |
Euro area crisis
Greek government defaulted on parts of its debt, implementing the world's biggest debt restructuring deal affecting €206 billion of Greek government bonds, with a debt write-off of €107 billion.
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| February 2012 |
Euro area crisis
Troika agreed to provide a second bailout package worth €130 billion, conditional on harsh austerity measures reducing Greek expenditure.
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| February 20 2012 |
Euro area crisis
Eurogroup, IMF, and Institute of International Finance reach a final agreement on the second bailout package for Greece, worth €130 billion, increasing the debt write-off to 53.5% and agreeing to lower interest rates.
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| 2011 |
Euro area crisis
Spanish government passed a constitutional amendment requiring a balanced budget at national and regional levels by 2020, limiting public debt to 60% of GDP.
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| November 10 2011 |
Euro area crisis
George Papandreou resigned, and Lucas Papademos was appointed as prime minister of an interim national union government to implement austerity measures.
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| November 3 2011 |
Euro area crisis
Prime Minister Papandreou withdraws the proposed Greek referendum on the bailout package.
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