The failure of European leaders to resolve their disagreements over the Greek debt crisis combined to rattle credit markets. 17 June – The French President, Nicolas Sarkozy and the German Chancellor, Angela Merkel agreed to a voluntary Greece bondholder role, backing down from earlier demands that bondholders be forced to shoulder a "substantial" share of a Greek rescue. 18 June – Angela Merkel changes her position and confirms she will work with the European Central Bank to resolve the Mediterranean nation's sovereign debt crisis. July 21 July – The Council of the European Union reached an agreement on measures aimed at solving the Greek debt crisis. August ?? – significant purchases of Eurozone sovereign bonds restart under ECB's SMP programme. Spanish and Italian yields breach 6%. 18 August – The European stock markets suffered further heavy falls due to persistent fears about the world economic outlook. 24 August – The French government unveiled a €12 billion deficit cutting package that raised taxes on the rich and closed some tax loopholes. September 13 September – An international alarm over a Eurozone crisis grows. 21 September – S&P have downgraded seven Italian banks after they've dropped Italy's sovereign rating two days ago. 22 September – Greeks reacted with anger and disbelief at a new wave of austerity cuts enacted to keep the country in the Eurozone. 24 September – The IMF urged EU leaders to act decisively on Greece to stem the debt crisis. 26 September – The US president, Barack Obama, says the debt crisis in Europe is "scaring the world" and that leaders in the Eurozone are not dealing with the issue quickly enough. 29 September – The Bundestag approved expanded EU bailout fund, reducing market concerns. October 4 October – European shares declined for a second day on fears that Franco-Belgian bank Dexia may need to be rescued due to its exposure to Greek debt. Concern increased that the Eurozone sovereign debt crisis is spreading to the banking sector. 7 October – Credit ratings agency Fitch cut Italy's credit rating by one notch to A+ from AA− and cut Spain's rating to AA− from AA+. 9 October – British PM David Cameron exhorted EU leaders to act more quickly as French and German leaders promised new crisis plan as pressure builds. 10 October – Belgium nationalised Dexia Bank Belgium, stricken with Greek debt. 13 October – S&P cut Spain's