This was compounded in 2010 when Greece entered into a sovereign debt crisis, leading to other member states suffering a sudden loss in confidence, which eventually brought the euro area to the brink of collapse. Extensive rescue packages by the governments along with non-standard measures taken by the European Central Bank helped to calm the markets and prevented the crisis from escalating.
To some commentators, the current situation might look similar. Greece’s newly elected government objected to complying with the financial assistance agreements and intended to withdraw some of the reforms that had already been adopted. There were even brief calls for further debt relief.