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(CNN) -- Here's a look at what you need to know about the European Debt Crisis which has affected the countries of Cyprus, Greece, Ireland, Italy, Portugal and Spain.  

Cyprus: July 11, 2011 - An munitions explosion at a naval base kills 13 people and destroys the country's main power station. The resulting blackouts severely impact the tourism and finance sectors of the economy.  
December 23, 2011 - After a series of credit downgrades and exposure to the financial crisis in Greece, Cyprus signs an agreement with Russia for an emergency loan worth €2.5 billion to shore up its economy. Cyprus agrees to pay the loan back over 4.5 years with a 4.5% interest rate.

  June 25, 2012 - The government of Cyprus announces that it will seek a bailout from the EU and the IMF to prop up its banks. According to the International Monetary Fund, banks in Cyprus have approximately €152 billion in outstanding loans or other money at risk, which is eight times the country's gross domestic product.  

January 21, 2013 - Eurozone finance minister tell the government of Cyprus that a bailout will be delayed over concerns that the bailout of €17 billion is too large. The amount is almost equivalent to the country's annual gross domestic product.  


February 24, 2013 - Conservative Nicos Anastasiades is elected president by a double-digit margin.  


March 16, 2013 - Cyprus reaches an agreement on a bailout with eurozone finance ministers, the IMF and the European Central Bank. The terms include a one-time tax of 9.9% on bank deposits of more than €100,000. Smaller deposits would pay a tax of 6.75%. This "haircut" reduces the total amount of the EU bailout to approximately €10 billion. Cyprus also agrees to raise its corporate tax rate and ensure its banks aren't havens for money laundering.  


March 19, 2013 - Cyprus' Parliament rejects the EU bailout, after protests from the public.  


March 19, 2013 - The U.K. flies a plane with €1 million aboard to provide cash for 3,000 British soldiers stationed on Cyprus.  


March 20, 2013 - Cyprus' finance minister, Michael Sarris holds talks with top Russian officials.  


March 20, 2013 - Cyprus' cabinet holds emergency talks to work out a new deal with either Russia or the EU. The government orders banks that have been closed since March 16, to remain closed.  


March 25, 2013 - Cyprus reaches a deal with the EU for a €10 billion bailout. The terms include: closure of the country's second biggest bank, Popular Bank of Cyprus; an increase of tax rates on capital gains and businesses; privatization of state assets; and reduction of the size of the banking industry by 2018. Approximately 10,000 people may lose their jobs.  


March 25, 2013 - Cyprus' Ministry of Finance announces that banks will remain closed until March 28th, to guard against people rushing to withdraw their money.  


March 28, 2013 - Banks reopen.  


April 30, 2013 - The parliament votes to approves the EU bailout.