Ten years and more since the signing of the first fiscal adjustment program, the reform and modernization of the domestic banking system remain largely sought after. The aim of this study, therefore, is to describe the basic framework of the evolution of the three bank recapitalizations and the individual reforms
that took place in the "era of Memoranda", interpreting under the prism of political economy actions,
omissions, delays, and mistakes that occurred in the
effort of stabilization and subsequent restructuring
of the banking system.