Economic Adjustment Programme for Greece

The First Economic Adjustment Programme for Greece, initially called the Economic Adjustment Programme for Greece and usually referred to as the First bailout package or the First Memorandum, is a Memorandum of understanding on financial assistance to the Hellenic Republic in order to cope with the Greek government-debt crisis.

It was signed on 3 May 2010 by the Greek Government under then-prime minister George Papandreou on one hand, and on the other hand by the European Commission on behalf of the Eurogroup, the European Central Bank (ECB) and the International Monetary Fund (IMF).

Of the totaling €107.3 billion of financial assistance, €72.8 billion were disbursed by March 2012, when the programme was superseded by the Second Economic Adjustment Programme for Greece comprising the undisbursed amounts of the first programme and additional €130 billion for the years 2012–14.

Having had the credit rating agencies further downgraded Greece's ability to achieve and the risk premiums on long-term Greek government bonds first record levels, the Greek government on 23 April 2010 requested official financial assistance by the European Union and the IMF.

On 1–2 May 2010, European Commission, European Central Bank (ECB) and the International Monetary Fund (IMF), colloquially called the European troika, agreed with the Greek government in a three-year financial aid programme that was outlined in a Memorandum of Understanding.

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