Tracking Europe's Debt Crisis and Safeguarding Financial Stability

NYT Chart – Tracking Europe’s Debt Crisis – “European leaders obtained an agreement from banks to take a 50 percent loss on the face value of their Greek debt.”

  • European Council and Euro area summit, 26 October 2011: “The package we have agreed tonight is a comprehensive package that confirms that Europe will do what it takes to safeguard financial stability,” said President Barroso after the meeting of the Heads of State or Government of the euro area. In his statement he also thoroughly presented the conclusions which leaders have adopted. He stressed that at the G20 summit in Cannes next week the EU will be able to show to its partners in the G20 that Europe is able to make “an agreement to conclude measures to restore confidence in the European banking sector; ensuring the adequate firewalls; accelerating our ambitious agenda for growth; and further strengthening economic surveillance and coordination. To show are partners and our citizens that we are ready to complete our monetary union with a true economic union.” Main results of Euro Summit / Euro Summit Statement, 26 October 2011 / Statement of EU Heads of State of Government, 26 October 2011 / Main results of Euro Summit, 27 October 2011
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