related to Greece until 2020. Altogether this should bring down Greece's debt to 120.5% by 2020. 29 February 2012 – The ECB holds a second auction, providing 800 Eurozone banks with further in cheap loans. May 6 May – In Greek legislative election, May 2012 no party gains an overall majority, this worsens market falls. 13 May – Greece's President tries to form a coalition government. 18 May – German Chancellor Angela Merkel allegedly tells the Greek president to hold a referendum on euro memberships. The Bundestag denies this. 2013 May 8 May – European Central Bank cuts its bank rate to 0.50% to aid recovery. Marginal lending rate (including Emergency Liquidity Assistance rate) to 1.00% November 7 November – European Central Bank cuts its bank rate to 0.25% to aid recovery. Deposit rate stays at 0.00%. 2014 June First foray into a negative interest rate territory. Deposit rate cut to −0.10%, main refi rate to +0.15%, marginal lending rate to 0.40% September Deposit rate cut to −0.20%, main refi rate to +0.05%, marginal lending rate to 0.30% October Discussions over insufficiency of ECB ABSPP and CBPP3, potential for Sov Purchases. ECB in ECJ over legality of OMT could prevent further sovereign purchases. Greece yields hit by 75bp intraday, and largest rates move in G3 markets since 2011. Greek government coalition weakens in opinion polls, left Syriza strengthens with knock-on effect to debt restructuring and own currency plans. See also Post-2008 Irish economic downturn 2008–15 Spanish financial crisis 2008–11 Icelandic financial crisis 2008–09 Belgian financial crisis 2010–12 Greek protests European Financial Stabilisation Mechanism Late-2000s recession in Europe 1980s austerity policy in Romania Latin American debt crisis References 2009 in economics 2010 in economics 2011 in economics