Greece received the first bailout package from the European Union and IMF during the 2010 European debt crisis. In May 2010, euro-area governments and the International Monetary Fund agreed to a financial assistance program worth about €110 billion.
The crisis followed revelations that Greece's fiscal deficit had been much larger than previously reported. Investors demanded higher yields on Greek government bonds, and concern spread to other heavily indebted euro-area countries. European banks and global markets were exposed to the resulting sovereign-debt stress.
The bailout came with austerity and reform conditions, including spending cuts, tax measures, and structural changes. Ireland and Portugal later received assistance, but Greece was the first euro-area country to enter a full international rescue program during this crisis.