The Greek financial crisis began in late 2009 when it was revealed that Greece had been underreporting its budget deficit. This led to a loss of confidence among investors, causing borrowing costs to rise sharply. As a result, Greece struggled to repay its debts, leading to a severe economic downturn and high unemployment rates. In response, the European Union and the International Monetary Fund provided multiple bailout packages to stabilize the economy. These packages came with strict austerity measures, which aimed to reduce government spending and increase revenue. However, these measures sparked widespread protests and social unrest in Greece.