What is the European Union doing to help solve the Greek debt crisis?

The Greek debt crisis of 2010, resulting from the financial crisis of 2008, has been a major test of how the European Union can solve economic problems. The EU is an unusual organization in that it has created a monetary union without a fiscal union. It has the problem of not having the ability to adjust fiscal policies. 

Had Greece retained the drachma, it would have had the ability to devalue its currency to reduce debt. Since this is not the case, the European Commission, European Central Bank, and International Monetary Fund (often known as the "troika") have to take measures to avert a sovereign debt default and worsening of the financial woes of Greece, while reducing the chance of a "Grexit" (Greek exit from the EU).

There have been several stages to the troika's attempts to help out Greece. The main type of help being given is extended loans to help Greece avoid defaulting on its sovereign debt. Thus far, the bailout has amounted to €240 billion, something resented by many taxpayers in other EU nations. 

The troika has also helped renegotiate terms with Greece's creditors, reducing the amount of the debt and extending the repayment schedule. Perhaps even more important in the long run, each tranche of bailout money depends on Greece meeting certain conditions for reforming its fiscal policies, reducing wastefulness in government, making its tax system more efficient, cracking down on tax evasion, and engaging in various labor and business reforms to ensure Greece's long-term fiscal health.