In exchange for European funding Yunani was forced to impose strict fiscal penjimatan.[124][125] As early as 2010 some economists have expressed fears that the negative impact tighter fiscal policy could offset the positive impact lower borrowing costs dan social disruption could have a significantly negative impact pada investment dan growth in the longer term. US economist Joseph Stiglitz has juga criticised the EU for being too slow to help Yunani, insufficiently supportive the new government, lacking the will power to set up sufficient "solidarity dan stabilisation framework" to support countries experiencing economic difficulty, dan too deferential to bond rating agencies.[126]

According to an IMF official langkah-langkah penjimatan have helped Yunani bring down its primary deficit from €24.7bn (15.8% GDP) pada tahun 2009 to just lebih €5bn (9.3%) pada tahun 2011[127][128] namun ia turut mengheret negara ini ke dalam kemerosotan selama five tahun berturut-turut.[129] Industrial output is more than 28% lower than pada tahun 2005[130] The number Yunani companies that went bankrupt pada tahun 2011 was 27% higher than the year before.[131] Kadar pengangguran are hitting a record high[132] mencapai hampir 20 peratus by 2011.[133] Pengangguran dalam kalangan warga muda mencecah 48%, suatu peningkatan daripada kadar 22.4% back pada tahun 2008 apabila krisis kewangan ini bermula.[134]

The social effects the langkah-langkah penjimatan pada the Yunani population have been severe, as well as pada poor dan needy foreign immigrants, dengan some Yunani citizens turning to NGOs for healthcare treatment.[135] By 2011 more than a third the nation had fallen into poverty.[136] pada 17 Oktober 2011 Menteri Kewangan Evangelos Venizelos mengumumkan bahawa pemerintah would establish a new fund, aimed at helping those who were hit the hardest from langkah-langkah penjimatan pemerintah.[137] The money for this agency will come from the proceeds made by tackling pengecualian cukai.[137]

Februari 2012 saw Poul Thomsen, a Danish IMF official overseeing the Yunani rancangan penjimatan, warn that ordinary warga Yunani were at the "limit" their toleration penjimatan as he called for recognition "the fact that Yunani has done a lot, at a great cost to the population".[138] Another IMF official admitted that potongan perbelanjaan memudaratkan kewangan Yunani.[127] Seorang pegawai PBB memberi amaran bahawa langkah-langkah penjimatan ini boleh melanggar hak asasi manusia.[139]

On a poll [140] by Public Issue dan SKAI Channel, PASOK who has won the National Elections 2009 dengan 43.92% has seen its approval ratings being decimated to a mere 8%, being placed at 5th place, after right-wing Parti Demokrasi Baru (31%), left-wing Kiri Demokrasi (18%), left-wing Parti Komunis Yunani (KKE) (12.5%) dan left-wing SYRIZA (12%). At the same poll, G.A. Papanderou, is the least approved political leader dengan 9% approval, while 71% warga Yunani do not trust Papademou as a PM.

On a poll published pada 18 May 2011, 62% the people questioned felt that the IMF memorandum that Yunani signed pada tahun 2010 was a bad decision that hurt the country, while 80% had no faith in the Menteri Kewangan, Giorgos Papakonstantinou, to handle the crisis.[141] Evangelos Venizelos replaced Mr. Papakonstantinou pada 17 Jun. 75% those polled gave a negative image the IMF, dan 65% feel it is hurting Yunani's economy.[141] 64% felt that the possibility bankruptcy is likely, dan apabila asked about their fears for the near future, polls showed a fear of: unemployment (97%), poverty (93%) dan the closure businesses (92%).[141]

In the documentary hutangocracy made by a group Yunani journalists, it is argued that Yunani should create an audit commission, dan force bondholders to suffer from losses, like Ecuador did.