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(CNN) -- Here's a look at what you need to know about the European Debt Crisis which has affected the countries of Cyprus, Greece, Ireland, Italy, Portugal and Spain.



July 11, 2011 - An 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 EU and the IMF to prop up its banks. According to the International Monetary Fund, 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 - Eurozone finance minister tell 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. 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 U.K. flies a plane with €1 million aboard to provide cash for 3,000 British soldiers stationed on Cyprus.


March 20, 2013 - Cyprus' finance minister, Michael Sarris holds talks with top Russian officials.


March 20, 2013 - Cyprus' cabinet holds emergency talks to work out a new deal with either Russia

or the EU. The government orders banks that have been closed since March 16, to remain closed.


March 25, 2013 - Cyprus reaches a deal with the EU for a €10 billion bailout. The terms include: closure of the country's second biggest bank, Popular Bank of Cyprus; an increase of tax rates on capital gains and businesses; privatization of state assets; and reduction of the size of the banking industry by 2018. Approximately 10,000 people may lose their jobs.


March 25, 2013 - Cyprus' Ministry of Finance announces that banks will remain closed until March 28th, to guard against people rushing to withdraw their money.


March 28, 2013 - Banks reopen.


April 30, 2013 - The parliament votes to approves the EU bailout.



January 1, 2001 - Greece drops its currency, the drachma, to join the European Union "eurozone." Greece is the 12th country to adopt the currency. In order to meet the EU's standards, Greece makes deep cuts in public spending.


2004 - Greece spends approximately $11 billion dollars (U.S.) on the Summer Olympics in Athens.


November 15, 2004 - Greece admits that it gave misleading information to gain admittance to the eurozone. One of the EU's requirements for eurozone member countries is deficits below 3% of GDP. Greece has not met those criteria since 1999.


March 29, 2005 - The government hikes taxes on alcohol and tobacco to raise funds.


June 2005 - Unions call for strikes in response to Prime Minister Kostas Karamanlis's plan to cut pensions and raise the retirement age.


January-March 2006 - Greece shows signs of improvement with 4% growth in the GDP.


October 4, 2009 - George Papandreou wins election as prime minister.


November 2009 - Greece's national debt reaches €262 billion. Prime Minister George Papandreou says that the 2009 budget deficit will be 12.7% of GDP, far above the EU limit of 3%.


December 14, 2009 - Prime Minister Papandreou announces plans to cut public sector employment, reduce military spending, and cut government spending in other areas.

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