In May 2010 Greece agreed to receive a €110bn bailout from the International Monetary Fund and the European Union. Under the terms of that loan program, Greece must cut its budget deficit by 5.5% of gross domestic product in 2010 and aim for a deficit of 8.1% of GDP, but the latter is expected to be higher. To continue to receive the loan disbursements in 2011 Greece must narrow its budget gap further, to 7.6% of GDP.