The thesis aimed at studying the relation between the sovereign debt crisis and the previous financial crises, and its impact on the euro area member states, particularly on Greece. Also, the mutual participation of ECB, IMF, and European Commission in bailing out Greece. After then the novel crisis (COVID-19) that Greece has encountered, as an impediment factor to the economic recovery. Finally, the intervention of ECB to maintain the previous results of EFSF, and ESM programs.