Greece received the first bailout under the euro-area rescue program during the 2010 European sovereign-debt crisis.
In May 2010, euro-area governments and the International Monetary Fund agreed on a financial support package for Greece. The assistance was tied to fiscal consolidation, structural reforms, and monitoring by international institutions. Greece had lost market access as investors questioned the sustainability of its public finances.
The crisis reflected more than one problem. Greece had large public deficits and debt, while membership in the euro prevented it from restoring competitiveness through a national currency devaluation. The wider euro-area turmoil also exposed weaknesses in banking systems and the design of monetary union.
Ireland and Portugal later received their own assistance programs. Greece ultimately underwent additional rescue programs and a major private-sector debt restructuring in 2012, making it the most prolonged and politically disruptive case of the euro crisis.