The period which began in October 2009 and is currently in progress in Greece is one of the most painful and turbulent in decades. The problem the country triggered also risks leading the eurozone down the road to dissolution. To avoid bankruptcy, the Hellenic Government signed the Memorandum of Understanding with the European Commission (EC), the European Central Bank (ECB) and the International Monetary Fund (IMF) in May 2010 and essentially came under close international scrutiny for the next years. Greece received a loan of €110 billion and embarked on an attempt to stabilise its public finances, reform its economy and restore market confidence. Its main obligations included budget cuts, a reduction in wages and pensions and tax increases. 1