Greek has been overburdened with debts requiring intervention from the ECB, IMF and the Eurozone members. A key feature of the integrated plan to rescue Greece has been a mixture of austerity plans, loan rescues, debt bailout and swaps. However, all these measures have not had the desired effect as Greece appear to be dipping in a viscous cycle of economic crisis.
As part of rescue from economic collapse, Greece agreed to a number of elements as proposed by the ECB, IMF, and others. Facing near collapse of the economy, Greece agreed for a €110 billion bailout rom ECB and IMFin 2010 (Blustein, 2015). This was expected to cover the financial needs of the country to 2013 on condition that the country implements austerity measures, takes structural reforms and privatize the government assets. However, this did not resolve the problem and a year later it required another bailout of €130 billion and creditors required to extend the maturity of the government bonds(Dalakoglou, 2014).