long-term credit rating by one notch from AA to AA− with a negative outlook. 28 October: The German government found itself €55 billion richer after a discovery of an accounting error at Hypo Real Estate, the troubled bank it nationalised in 2009. The head of the Eurozone's bailout fund has begun attempts to persuade the People's Republic of China to invest in a scheme to help rescue member countries facing debt crises. November 1 November – The Greek PM Papandreou has announced a referendum on the new Eurozone debt deal which shocked European markets and had thrown the future of the euro back into disarray. 3 November – Prime Minister Papandreouthe withdraws from promised Greek referendum on the bailout package amid heavy pressure from Germany and France. 8 November – Italian Prime Minister Silvio Berlusconi said that he will resign of his office after budget reforms were passed, while Italy's cost of borrowing had hit record levels on bond markets. 11 November – Italian 10-year borrowing costs fall sharply from 7.5 to 6.7% after Italian legislature approves further austerity measures and the formation of an emergency government to replace that of Prime Minister Silvio Berlusconi. 13 November – Silvio Berlusconi resigns as Prime Minister of Italy as a result of the country's debt crisis. 15 November – The Lisbon Council publishes the Euro Plus Monitor 2011, which attests the most critical eurozone member countries Greece, Ireland and Spain to be in the process of rapid reforms. 21 November – The European Commission suggests "stability bonds" (eurobonds) issued jointly by the 17 euro nations would be an effective way to tackle the financial crisis. 25 November – Standard and Poor's downgrades Belgium's long-term sovereign credit rating from AA+ to AA, and 10-year bond yields reach 5.66%. 30 November – The European Central Bank, the U.S. Federal Reserve Federal Reserve, the central banks of Canada, Japan, Britain and the Swiss National Bank provide global financial markets with additional liquidity to ward off the debt crisis and to support the real economy. The central banks agree to provide each other with abundant liquidity to make sure that commercial banks stay liquid in other currencies. December 2 December – Belgian negotiating parties reach an agreement to form a new government. The deal includes spending cuts and tax rises worth about , which should bring the budget deficit down to 2.8% of GDP by 2012,