First Economic Adjustment Programme for Greece

Election articles: Greek government debt crisis articles: 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.

Having had the credit rating agencies further downgrade their assessment of Greece's ability to honour its debts, the risk premiums on long-term Greek government bonds reached record (and unsustainable) levels.

The Greek debt in exchange for household[clarification needed] should be consolidated within three years, so that the budget deficit should be reduced by 2014 to below 3 percent.

[4] The minutes of the IMF Executive Board were revealed nearly four years later, and highlight amongst other items, the fear that Greek social cohesion could be at risk.

[1][5] The Greek private sector, it was learned in 2014, was amenable to the deal because it curtailed the practice of paying civil servants a 13th and a 14th "month" each year.