In May 2010, the IMF participated, in 3:11 proportion, in the first Greek bailout that totaled €110 billion, to address the great accumulation of public debt, caused by continuing large public sector deficits. As part of the bailout, the Greek government agreed to adopt austerity measures that would reduce the deficit from 11% in 2009 to "well below 3%" in 2014. The bailout did not include debt restructuring measures such as a haircut, to the chagrin of the Swiss, Brazilian, Indian, Russian, and Argentinian Directors of the IMF, with the Greek authorities themselves (at the time, PM George Papandreou and Finance Minister Giorgos Papakonstantinou) ruling out a haircut.
iN mAY 2010, THe IMf pArTicipATEd, In 3:11 pROPorTiOn, iN the fiRst greek BAILoUt tHaT TOTAleD €110 BillioN, to AddrEss thE great AcCumuLatIon oF pUBLiC DEBt, caused by conTiNUing LArge puBlic SEcTor deficits. aS part of the BaIloUt, tHe greeK goVerNment aGReeD tO aDOPt austeRity MeasuReS thAt wOuLd reduce THE dEFIcit frOm 11% In 2009 TO "well bElOW 3%" IN 2014. The bailout Did not IncluDe DeBT RestrucTurInG mEasurEs SuCH as a haircUt, to the chAgrin OF THe sWiss, brazilian, INdian, ruSSIan, and ArGenTIniaN dIrECtorS oF THe imF, witH the Greek autHOritiES thEmselvEs (At tHe TiMe, pm GEorge PAPandreOU AND FiNAnCe minister giorGos PaPakonsTanTinOU) RulinG out a hAIrcut.