Greece's GDP dropped by 25%, connected with the bailout programmes.

[299][183] This
had a critical effect: the debt-to-GDP ratio, the key factor defining the severity of the
crisis, would jump from its 2009 level of 127%[184] to about 170%, solely due to the GDP
drop (for the same debt). Such a level is considered [by whom?] most probably
unsustainable. In a 2013 report, the IMF admitted that it had underestimated the effects
of such extensive tax hikes and budget cuts on the country's GDP and issued an
informal apology.[183][300][301][302]
The Greek programmes imposed a very rapid improvement in structural primary
balance, at least two times faster than in Ireland, Portugal and Cyprus. [182] The results of
these policies, which worsened the debt crisis, are often cited, [24][303][304] while Greece's
president, Prokopis Pavlopoulos, has stressed the creditors' share in responsibility for
the depth of the crisis.[305][306] Greek Prime Minister Alexis Tsipras spoke
to Bloomberg about errors in the design of the first two programmes which, by imposing
too much austerity, lead to a loss of 25% of the Greek GDP. [299]
The IMF did formally apologize to Greece in 2012 on a different issue, after comments
by Christine Lagarde indicated lack of respect for the sacrifices made by Greeks. [307]
Further Effects
Ireland followed Greece in requiring a bailout in November 2010, with Portugal following
in May 2011. Italy and Spain were also vulnerable. Spain and Cyprus required official
assistance in June 2012.

The situation in Ireland, Portugal, and Spain had improved by 2014, due to various
fiscal reforms, domestic austerity measures, and other unique economic factors.
However, the road to full economic recovery is anticipated to be a long one with an
emerging banking crisis in Italy, instabilities that Brexit may trigger, and the economic
impact of the COVID-19 outbreak as possible difficulties to overcome.