First Greek Bailout — Eurozone Debt Crisis Erupts

The EU and IMF agreed to a €110 billion bailout package for Greece after its deficit was revealed to be far larger than reported. This was the first of three Greek bailouts and the opening act of the wider Eurozone sovereign debt crisis that spread to Ireland (November 2010), Portugal (May 2011), Spain (June 2012), and Cyprus (March 2013). The crisis exposed fundamental weaknesses in the Eurozone's fiscal architecture and prompted major institutional reforms including the ESM and banking union.