bonds are eligible for use as ECB collateral. March – €5 billion in 10-year Greek bonds sold – orders for three times that amount are received. April 9 April – Government of Greece announces that the deficit for the first trimester was reduced by 39,2%. 11 April – EMU leaders agree bailout plan for Greece. Terms are announced for €30 billion of bilateral loans (roughly 5% for a three-year loan). EMU |countries will participate in the amount based on their ECB country keys. Rates for variable rate loans will be 3m-Euribor plus 300 basis points (bp) + 100 bp for over three-year loans plus a one-off 50 bp charge for operating expenses. For fixed rate loans rates will be swap rate for the loan's maturity, plus the 300 bp (as in variable) plus the 100 bp for loans over three years plus the 50 bp charge. 13 April – ECB voices its support for the rescue plan. 15 April – Olli Rehn says there is no possibility of a Greek default and no doubt that Germany will participate in the bailout plan. In the meantime there had been serious objections from parts of German society to the country's participation in the Greek bailout. 23 April – Greece officially asks for the disbursement of money from the aid package effectively activating it. 27 April: Standard and Poor's downgrades Greece's debt ratings below investment grade to junk bond status. S&P downgrades Portuguese debt two notches and issues negative outlook, warning that further downgrades to junk status are likely. Stock indices around the world drop two to six per cent on the news. 28 April – S&P downgrades Spanish bonds from AA to AA−. April – Sale of more than €1.5 billion Greek Treasury bills met with "stronger-than-expected" demand, albeit at a high interest rate. May 1 May – Protests, yearly taking place for the day, this year add "the proposed austerity measures", in Athens. 2 May – Greece announces the latest, fourth, raft of austerity measures. 3 May – The ECB announces that it will accept Greek Government bonds as collateral no matter what their rating is. This effectively means scrapping the BBB-floor in the case of Greece and increasing the likelihood of similar announcements in case other countries run the risk of being downgraded to junk status. 4 May – First day of strikes against the austerity measures. Global stock markets