EU CRISIS ROAD MAP: Key Milestones Ahead

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Euro-zone finance ministers were meeting late Thursday to decide whether to push ahead with new aid for Greece after the government reached an 11th-hour agreement on a raft of painful reforms needed to secure the deal and avoid default.

The meeting follows weeks of difficult negotiations between Greece and its creditors as the country scrambles to clinch a badly needed EUR130 billion ($172 billion) rescue plan and avoid a messy default.

But several elements still need to fall in place before the deal is finalized.

Greece's parliament will have to vote on the reforms package while the German parliament must also approve Germany's contribution to the Greek bailout. Faced with a tight deadline of March 20, when a EUR14.4 billion bond comes due, Greece and its international creditors are fast running out of time to wrap up the deal, which also includes a EUR100 billion debt write-down plan with private-sector creditors.

Approval of the bailout package will pave the way for a bond-swap offer to the private sector, which Greece was earlier hoping to complete by early March. But key deadlines on that timetable have been already missed.

Meanwhile, European central bank president Mario Draghi Thursday made clear that the central bank wouldn't accept any losses on its Greek bond holding but he said giving up profits it would make if the bonds were paid in full wouldn't break the rules in a sign the ECB may accept to contribute in some way in the Greek debt restructuring.

This is the known worry list:

--Friday, Feb. 10: EUR1 billion in Greek debt maturing. Greek main labor unions hold 48-hour strike.

--Monday, Feb. 13: Greek PSI bond exchange offer was likely to be launched from this date. Italian T-bill auction.

--Tuesday, Feb. 14: Italian BTP auction. Greek and Spanish T-bill auctions. German February ZEW economic sentiment indicator.

--Wednesday, Feb. 15: Portuguese T-bill auction. Flash data on fourth-quarter E.U. gross domestic product. Troika begins third program evaluation for Portugal.

--Thursday, Feb. 16: French and Spanish bond auctions. Spain fourth-quarter final gross domestic product data.

--Friday, Feb. 17: EUR1.6 billion Greek T-bills maturing.

--Monday, Feb. 20: Euro-zone finance ministers meet. Flash euro-zone February PMI data.

--Tuesday, Feb. 21: European Union finance ministers meet. Spanish T-bill auctions.

--Wednesday, Feb. 22: German bond auction.

--Thursday, Feb. 23: German February Ifo business climate index.

--Friday, Feb. 24: Italian bond auction.

--Saturday, Feb. 25: Group of 20 finance ministers, central-bank governors meet.

--Monday, Feb. 27: Belgian bond auction, Italian T-bill auction.

--Tuesday, Feb. 28: Italian bond auction. Date by which analysts expect decision by the Irish attorney general on whether it will have to schedule a public referendum on the European Union's new treaty.

--Wednesday, Feb. 29: Allotment of ECB three-month, three-year long-term refinancing operations. EUR10.6 billion of Italian CTZ bonds mature. German bond auction.

--Thursday, March 1: EUR14.9 billion of Italian BTP and EUR12.3 billion CCT bonds mature. Euro-zone February manufacturing PMI data. Spanish and French bond auctions.

--Thursday, March 1-Friday, March 2: E.U. leaders summit.

--Monday, March 5: Euro-zone February services PMI data.

--Tuesday, March 6: Revised E.U. fourth-quarter GDP growth data. Greece aims to complete PSI bond exchange by this date.

--Wednesday, March 7: German bond auction.

--Thursday, March 8: ECB interest rate decision. German January industrial production data.

--Monday, March 12: Euro-zone finance ministers meet.

--Tuesday, March 13: German March ZEW economic sentiment indicator. Italian and Greek T-bill auctions.

--Wednesday, March 14: Italian bond auction.

--Thursday, March 15: Spanish and French bond auctions.

--Tuesday, March 20: EUR14.4 billion of Greek government bonds mature. Spanish and Greek T-bill auctions.

--Wednesday, March 21: German bond auction.

--Thursday, March 22: Flash euro-zone March PMI data.

--Monday, March 26: German March Ifo business climate index. Belgium bond auction.

--Tuesday, March 27: Spanish T-bill auction. Italian bond auction.

--Wednesday, March 28: Allotment of ECB three-month long-term refinancing operation. Italian T-bill auction.

--Thursday, March 29: Italian bond auction.

--Friday, March 30: Euro-zone finance ministers meet.

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