Greece successfully concluded its almost ten-year programme on August 20, 2018. This marked the end of the largest sovereign assistance package in global history, comprising three distinct programmes. Thanks to unprecedented financial support, granted under very favorable terms, Greece was able to modernize its economy and regain the trust of investors, according to the European Stability Mechanism.

Greece recorded an unprecedented fiscal adjustment: from budget deficit of 15.1% in 2009 to a surplus of 0.6% in 2017. Current account deficit has fallen from -15.8% in 2008 to -0.9% in 2017. The total amount disbursed to Greece during all the three (3) programmes was 288.7 billion euros stem from EFSF, IMF, and ESM. A total of 203.8 billion euros were by EFSF and ESM. Greece will repay the ESM loans from 2034 to 2060. The EFSF loans are currently scheduled to be repaid from 2023 to 2056.

Here is a timeline of events about the Greek economic crisis:

2009

October 4, 2009: The Centre-left PASOK wins the Greek legislative elections with 43.92%.
October 20, 2009: The Bank of Greece announces that government accounts are much worse than previously reported.
October 22, 2009: Greece's credit ratings started to be downgraded by all the credit rating organizations.

2010

February 9, 2010: The first austerity package is passed by the Greek parliament.
March 3, 2010: The second austerity package is passed by the Greek parliament.
April 23, 2010: Greek borrowing costs rise to unsustainable levels. Prime Minister George Papandreou formally requests an international bailout for Greece. The European Union (EU), European Central Bank (ECB) and International Monetary Fund (IMF) agree to participate in the bailout.
May 2, 2010: The IMF, Greek Prime Minister Papandreou, and other eurozone leaders agree to the first bailout package for €110 billion over 3 years.
May 6, 2010: The third austerity package is passed by the Greek parliament.

2011

June 29, 2011: The fourth austerity package is passed by the Greek parliament.
August 8, 2011: The Athens Stock Exchange general index falls below 1000 points, its lowest level since January 1997.
October 20, 2011: The fifth austerity package is passed by the Greek parliament.
October 27, 2011: The investors agree to a "haircut" of 50% in converting their existing bonds into new loans.
November 6, 2011: Prime Minister Papandreou resigns.
November 10, 2011: Lucas Papademos becomes the new Greek Prime Minister, as the leader of a coalition government consisting of the PASOK, New Democracy, and LAOS parties.

2012

February 12, 2012: The sixth austerity package is passed by the Greek parliament.
February 21, 2012: The second bailout package is finalized. It brings the total amount of eurozone and IMF bailouts to €246 billion by 2016.
March 2012: Private sector debt restructuring.
March 13, 2012: Second adjustment programme for Greece is agreed, to be provided by the EFSF and IMF.
May 6, 2012: Elections are held. The New Democracy party wins. The governing PASOK party collapses.
May 16, 2012: No coalition government can be formed, so Panagiotis Pikramenos assumes the position of caretaker Prime Minister. An early election is called for 17 June.
May 25, 2012: The Athens Stock Exchange general index falls below 500 points.
June 17, 2012: Early elections are held. The New Democracy party leads, winning 29.7% of the popular vote, but does not win most seats in parliament. Four days later, a coalition government is formed between New Democracy, PASOK and DIMAR. Antonis Samaras, the president of New Democracy, becomes the new Prime Minister.
November 7, 2012: The seventh austerity package is adopted by the Greek parliament.
November 27, 2012: Eurogroup agrees series of debt relief measures for Greece.

2014

April 10, 2014: Greece returns to financial markets, raising €3 billion through a 5-year bond issue.
May 25, 2014: SYRIZA wins the European Parliament election.
December 8, 2014: Parliament begins attempts to elect a new president to replace outgoing Karolos Papoulias, whose 5-year presidential term was due to end in February.
December 9, 2014: Athens Stock Exchange falls 12.78%, its largest single-day decline since 1989.

2015

January 25, 2015: The Greek legislative election is held. SYRIZA wins for the first time ever in Greece, as a left party.
January 26, 2015: SYRIZA and the Independent Greeks join to form a new coalition government. Alexis Tsipras is sworn in as the new Prime Minister.
February 20, 2015: The Eurogroup brokers an agreement between Greece and the eurozone for a 4-month loan extension.
June 27, 2015: Prime Minister Tsipras announces a referendum on a bailout agreement, to be held on July 5, 2015.
June 28, 2015: Tsipras announces that Greek banks will remain closed for a while; he also announces the imposition of capital controls (€60/day withdrawal limit; most foreign transfers banned).
June 30, 2015: EFSF programme for Greece expires. Greece misses a payment on an IMF loan and falls into arrears (Missed payments to the IMF are not considered formal defaults by the major credit rating agencies).
July 1-3, 2015: 1,000 bank branches open to allow pensioners to withdraw €120 for the week.
July 5, 2015: The Greek bailout referendum is held. Over 61% vote against the proposed measures by the Commission, the ECB, and the IMF.
July 6, 2015: Greece extends its bank holiday and capital controls through July 8.
July 13, 2015: Greece and Europeans creditors strike deal for €86 billion bailout over 3 years.
July 17, 2015: ESM Board of Governors approves the decision to grant, in principle, stability support to Greece. This allows negotiations on policy conditionality to start.
July 20, 2015: Greek banks open again, but capital controls remain.
August 3, 2015: The Greek Stock Exchange reopened after being closed since 25 June and fell more than 16% with bank stocks losing an average of 30% in a single day's trading.
August 14, 2015: Greek parliament approves the package of measures for the third bailout package.
August 19, 2015: ESM Board of Governors approves ESM programme for Greece.
August 20, 2015: The prime minister Alexis Tsipras resigns and proclaims elections for 20 September.
August 27, 2015: Vasiliki Thanou was sworn as caretaker prime minister until 20 September election.
September 20, 2015: The Greek legislative election is held. SYRIZA wins with 7.5 point over New Democracy.

2016

February 8, 2016: The Athens Stock Exchange general index falls below 500 units for second time after June 2012.
June 24, 2016: Brexit affects the Greek Stock Market. The general index falls 13.42%.

2017

January 23, 2017: ESM and EFSF approve short-term debt relief measures for Greece.
July 25, 2017: Greece returns to bond market, after 3 years.

2018

June 22, 2018: Eurogroup commends Greece on completion of all prior actions of final programme review; Eurogroup also agrees medium-term debt relief measures.
August 20, 2018: Greece concludes 3-year ESM programme.