On August 19, 2015, the European Commission and Greece signed a Memorandum of Understanding (MoU) relating to financial assistance for Greece from the European Stability Mechanism (ESM) in exchange for fiscal reforms. According to a press release, the ESM “will be able to disburse up to EUR 86 billion in loans over the next three years, provided that Greek authorities implement reforms to address fundamental economic and social challenges, as specified in the MoU.”  Greece also signed a Financial Assistance Facility Agreement with the ESM to detail the terms of the loan. Within the MoU, the policies for implementing the reform agenda in Greece are divided into four pillars; 1) “Restoring fiscal sustainability,” 2) “Safeguarding financial stability,” 3) “Growth, competitiveness and investment,” and 4) “A modern state and public administration.”