In the second decade of the 21st century the Portuguese economy suffered its most severe recession since the 1970s resulting in the country having to be bailed out by the European Commission, European Central Bank and International Monetary Fund. The bailout, agreed to in 2011, required Portugal to enter into a range of austerity measures in exchange for funding support of €78 billion. In May 2014 the country exited the bailout but reaffirmed its commitment to maintaining its reformist momentum. At the time of exiting the bailout the economy had contracted by 0.7% in the first quarter of 2014, however unemployment, while still high had fallen to 15.3 percent.