This chapter examines the affective polarisation that emerged in Greece during the implementation of the three Memoranda of Understanding (2010–2015). Drawing on framing theory and social identity approaches to polarisation, it analyses parliamentary debates and opinion articles from Kathimerini to illustrate how political and media discourse constructed and delegitimised the identity of the Other. Using inductive coding of parliamentary minutes and 250 opinion articles from 2010–2015, it identifies four dominant frames of polarisation: threats to democracy, ideological differences, the portrayal of political opponents as incompetent and questioning moral values. The findings suggest that polarisation extended beyond policy disagreements to an affective divide grounded in social identities, moral delegitimisation, and existential threats. This process reshaped Greece’s political cleavages, redefined party identities, and intensified divisions between the Left and the Right. The chapter argues that the memoranda debates exemplify affective polarisation as a strategic resource in times of crisis, with implications for understanding polarisation in other European democracies under economic adjustment programmes.