DJ EU CRISIS ROAD MAP: Key Milestones Ahead

By WILLIAM KEMBLE-DIAZ AND JENNY PARIS


LONDON (Dow Jones)--The European Central Bank allotted a record EUR489.19 billion in the first of two keenly-awaited three-year refinancing operations Wednesday, easing fears of a new credit crunch in Europe as banks expect other sources of funding to remain tight through 2012.

But analysts played down hopes that the funds would help prop up euro-zone sovereign bond markets, despite the heavy demand, which was at the high end of the market's expectations. The record allotment comes as the ECB aims to head off a potential credit crunch and economic slowdown or even recession next year by providing unlimited liquidity to euro-zone banks. Wednesday's auction also comes as the European Union remains divided over efforts to build a robust firewall around Italy and Spain.

Euro-zone finance ministers Monday confirmed they would commit EUR150 billion in bilateral loans to the International Monetary Fund to boost its crisis-fighting resources, but it's still unclear if other EU members outside the euro zone will also contribute funds after the U.K. held its ground that any additional funding should part of a global agreement.

This is the known worry list:

--Thursday: EUR980 million of Greek debt falls due.

--Friday: Potential first cabinet meeting of new Spanish government and approval of first economic measures, including an emergency budget decree ahead of a formal 2012 budget.

--Wednesday, Dec. 28: Italian T-bill, zero-coupon bond auction.

--Thursday, Dec. 29: EUR5.23 billion of Greek debt falls due. Italian bond auction.

--Friday, Dec. 30: EUR715 million of Greek debt falls due. Presentation of emergency Spanish budget measures.

--Monday, Jan. 2: Euro-zone December manufacturing PMI.

--Wednesday, Jan. 4: Euro-zone December services PMI. ECB 84-day and seven-day dollar operations.

--Thursday, Jan. 5: French bond auction.

--Friday, Jan. 6: Spanish government deadline for unions and business leaders to agree on labor market reforms.

--Wednesday, Jan. 11 and Thursday Jan. 12: European Commission visits Danish presidency in Copenhagen. ECB seven-day dollar operation.

--Thursday, Jan. 12: ECB interest rate statement and press conference. Spanish and Italian bond auctions.

--Friday, Jan. 13: Italian bond auction

--Monday, Jan. 16 : Troika of international inspectors expected to return to Greece to resume talks on new bailout deal.

--Tuesday, Jan. 17: Spanish T-bill auction.

--Wednesday, Jan. 18: ECB seven-day dollar operation.

--Thursday, Jan. 19: Spanish and French bond auction.

--Friday, Jan. 20: Troika talks in Greece expected to end.

--Monday, Jan. 23: Euro-zone January flash PMI. Euro-zone finance ministers meeting.

--Tuesday, Jan. 24: European Union finance ministers meeting. Spanish T-bill auction.

--Wednesday, Jan. 25: Preliminary data on Spain's government annual budget deficit expected around this time. German January Ifo business climate index. ECB seven-day dollar operation. ECB of three-month long-term refinancing operation.

--Thursday, Jan. 26: Italian bond auction.

--Friday, Jan. 27: Italian T-bill auction.

--Monday, Jan. 30: Italian and Belgian bond auctions. EU leaders summit.

--Tuesday, Jan. 31: Ireland's troika of lenders releases its latest quarterly review of the country's bailout. Greece aims to conclude talks detailing new EUR130 billion loan deal, debt exchange program with private sector creditors by this date.