The financial support agreement averted bankruptcy and imposed a reorientation of economic policy Indeed, the financial support agreement has not only secured the necessary funding, but also acted as a catalyst for a fundamental reorientation of economic policy in two main directions: rapid fiscal consolidation and the implementation of structural reforms.
This reorientation should of course have taken place years ago, when conditions were more favourable. By April 2010, all room for procrastination had been exhausted and the change in direction was imperative.