1. Greek bailout agreements
By Depi Svyrinaki
Frini Kollitiri
Vasia Nikolopoulou

2. Contents Introduction – Background Causes of the Greek Crisis
First Economic Adjustment Program
Second Economic Adjustment Program
Third Economic Adjustment Program

3. Greece joined the European Communities on 1 January 1981, adopted the Euro in and became the 12th member of the Eurozone area. Over the next 7 years the country's GDP per capita nearly tripled, from $12,400 in to $31,700 in 2008

4. High living standards…
Widespread investments in industrial enterprises and heavy infrastructure
funds from the European Union
growing revenues from tourism, shipping and a fast-growing service sector

5. In the meantime though…
The Greek government, encouraged by the European Commission, European Central Bank, private banking institutions, and the Greek business community also took out loans
Government deficits were also consistently underreported

6. Causes of the Greek Debt Crisis
As the Financial crisis of 2007–08 began to affect Greece's economy, the country's GDP fell by nearly 20% from 2008 to 2010 and the government's capacity to repay its creditors was drastically reduced.
Excessive expenditures
Tax evasion

7. Causes of the Greek Debt Crisis
Unregulated labor market
Corruption
Heavy loans in order to fund government bugdet and current account deficit
Accumulated high levels of debt when the markets were liquid

8. And then in 2010…

9. First Economic Adjustment Programme
On 2 May 2010, the Eurogroup agreed to provide bilateral loans pooled by the European Commission for a total amount of €80 billion to be disbursed over the period May 2010 through June 2013
The financial assistance, agreed by euro-area Member States, was part of a joint package, with the IMF committing additional €30 billion under a stand-by arrangement (SBA).
In exchange, Prime Minister Papandreou commits to austerity measures, including 30 billion euros in spending cuts and tax increases.

10. Second Economic Adjustment Programme
On February EU agrees to New Greek Bailout. The deal includes a 53.5 percent debt write down—or “haircut"—for private Greek bondholders.
In exchange, Greece must reduce its debt-to-GDP ratio from 160 percent to percent by Greece and its private creditors complete the debt restructuring on March 9.

11. Second Economic Adjustment Programme
The euro area Member States and the IMF committed the undisbursed amounts of the first programme (Greek Loan Facility) plus an additional €130 billion for the years
The second programme would be financed by the European Financial Stability Facility (EFSF), which had been fully operational since August 2010

12. Between the Second and the Third Programme
EU Adopts Fiscal Compact
ECB Unveils Unlimited Bond-Buying Plan
Eurozone Revises Greek Bailout
Greek Parliament Approves Austerity Measures

13. Between the Second and the Third Programme
Greece Returns to International Bond Market
ECB Announces Quantitative Easing
Syriza Wins the Elections
Greek Bailout Expires
Greek Parliament Supports New Deal

14. Third Economic Adjustment Programme
It started on 19 August 2015 and is scheduled to run until 20 August 2018.
The financial assistance of up to €86 billion  is provided by the European Stability Mechanism (ESM).
The conditions for receiving financial assistance include a number of measures and reforms
The overall aim of the programme is to secure a return to sustainable economic growth in Greece.

15. That’ s all folks…