Greek support and Europe’s financial safety net
2010-05-02 ~ 2010-06
The first Greek support package was announced on 5/2, and the EFSF was established in month 6.
A policy interval from the announcement of the first Greek support package to the month the EFSF was established.
Conditions at the time
As Greece’s financial access and fiscal credibility weakened, the need for a joint euro-area response increased.
How events unfolded
The first Greek support package was announced on 5/2, and the EFSF was established in month 6.
Stakeholders and impacts
Euro-area member states, Greece, the IMF and EU institutions participated in funding provision and policy conditions.
Information available at the time
The first Greek program used the Greek Loan Facility, pooling bilateral loans from member states.
Findings confirmed later
The EFSF subsequently became a financing channel for support to other member states and Greece’s second program.
Alternative interpretations and limitations
Commitments under the first package differed from actual disbursements, and the EFSF must also be distinguished from the EU-budget-backed EFSM.
Interpretation using later sources
The EU Council distinguishes bilateral loans under the first 2010 programme, EFSF financing under the second in 2012 and the third ESM programme beginning in 2015. The third ended in 2018. ASSETCASTING interpretation: Identify the mechanism and conditions rather than treating European support as one transaction. Programme closure is not full sovereign repayment or completion of households' recovery.
Evidence coverage through 2018-08-20 · Sources checked 2026-10-14
Related events and periods1
- Financial-crisis response and unconventional monetary policy
An event or period whose recorded start falls within this editorial interval. This does not establish that it caused or represents the characteristics of the era, nor guarantee that the entire period falls within the interval.
Historical events do not guarantee future recurrence or investment performance.