BIS central bankers’ speeches  3  When it was agreed in May 2010 to provide financial assistance to Greece, it was expected that from 2012 Greece would be in a position to raise funds from the market on the assumption that steady progress would be made in fiscal consolidation and economic reform.
This scenario looks increasingly unlikely now with Greek government bond yields remaining at prohibitively high levels. The EU, the IMF, and Greece, therefore, agreed on a second bailout package for Greece – separate from the financial assistance mentioned so far – to provide funds from 2012 onward.