and to balance the books in 2015. Following the announcement Belgium 10-year bond yields fell sharply to 4.6%. 5 December – The central banks agree to lower the cost of dollar currency swaps by 50 basis points. 7 December – The new interim national union government led by Lucas Papademos submits its plans for the 2012 budget, promising to cut its deficit from 9% of GDP 2011 to 5.4% in 2012, mostly due to the write-off of debt held by banks. 8 December – Fitch cuts Greece's rating to BBB+ from A−, with a negative outlook. 9 December – All 17 members of the eurozone and six countries that aspire to join agree at the European Council meeting on a new intergovernmental treaty to put strict caps on government spending and borrowing, with penalties for those countries who violate the limits. All other non-eurozone countries except Great Britain are also prepared to join in, subject to parliamentary vote. 14 December – Greek PM Papandreou outlines the first round of policies to cut deficit and regain investor trust. 22 December – Portugal reports its estimated budget deficit of 4.5% in 2011 will be substantially lower than expected and it will meet its 2012 target already a year earlier due to a one-off transfer of pension funds. Moody's cuts Greece's rating to A2 from A1. The ECB starts the biggest infusion of credit into the European banking system in the euro's 13-year history, loaning to 523 banks for an exceptionally long period of three years at a rate of just one per cent. 2012 January 13 January – Standard & Poor's downgrades France and Austria from AAA rating, lowers Spain, Italy and five other euro members further, and maintains the top credit rating for Finland, Germany, Luxembourg, and the Netherlands. 16 January – S&P downgrades the EFSF from AAA to AA+. 30 January – German consulting company Roland Berger says it has started collecting funds from financial institutions and business intelligence agencies to set up an independent non-profit ratings agency by Mid-2012, which could provide its first country ratings by the end of the year. February 21 February – The Eurogroup finalises the Second bailout package with the private holders of Greek governmental bonds accepting a slightly bigger haircut of 53.5%. EU Member States agree to an additional retroactive lowering of the bailout interest rates and pass on all central bank profits