First austerity package (Greece)

The First austerity package was the first in a row of countermeasures of the Greek government to counter the Greek government-debt crisis. It was approved by the Hellenic Parliament in early 2010.

The first austerity package was a minor austerity package in order to limit the deficit. This event was preceded of the First Economic Adjustment Programme for Greece known as momerandum. It emerged after the promise of the Greek prime minister in the World Economic Forum of Davos, Switzerland. He promised that he would take some measures so that the deficit was cut. The package was implemented on 9 February 2010 and was expected to save €0.8 billion; it included a freeze in the salaries of all government employees, a 10% cut in bonuses, as well as cuts in overtime workers, public employees and work-related travel.