Merkel's coalition, trailing in the German polls and with lander elections due in 2011, backs proposals to make bondholders pay for any future euro-area crises. November 13 November – The potential for loss in value of government bonds or an interest holiday triggers selling of Irish debt. The 10-year Irish government bond premium surged to a record 652 basis points premium against the German bond. 16 November – Ireland started talks with the EU over a bailout. The move prompted further worry that Greece and Portugal were also in poor fiscal shape. The move follows previous denials that Ireland would need external help to alleviate its debt burden. 21 November – Ireland controversially accept an EU-IMF multibillion-euro package to help alleviate its debt burden. 22 November – Following the withdrawal of the Irish Green Party from the governing coalition, a new election is called. 2011 January January 2011 – Fitch becomes the third rating agency to cut Greek debt to "junk" status after S&P and Moody's. May 2 May – Finance Minister George Papaconstantinou again rules out a debt restructuring, adding that he has just "expressed the hope" that the EU and IMF will agree to extend bailout loan repayments. 21 May – Mr Papandreou and senior ECB officials say Greece must avoid debt restructuring and push on with budget cuts and privatisations to overcome its debt crisis. 23 May – Greece unveils a series of privatisations, part of a goal to raise €50 billion by 2015 to pay down its debt mountain. June 1 June – The Greek government criticised Moody's decision to cut its credit rating to Caa1, which brought it seven notches into junk territory, saying the move did not take into account the country's effort to tidy up the country's finances. 4 June – Greece hit by further protests in central Athens, as PM Papandreou agreed to make "significant" cuts in public sector employment. 9 June – In an open letter to European and international authorities, German finance minister Wolfgang Schäuble said that "Any additional financial support for Greece has to involve a fair burden sharing between taxpayers and private investors." 11 June – Jean-Claude Juncker, head of the Eurozone finance ministers, backed Germany's proposal for a "soft restructuring" of Greek debt, but said any contribution from private sector creditors should be "voluntary". 15 June – Waiting from both markets and the Greek population turned violent.