Costas Simitis
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The new solution
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The chapter discusses the negotiations leading up to the Eurozone Summit of 26 October 2011. It highlights the prominent role of Germany and France in the negotiations and the inability of the Greek government to make a substantial contribution to them. The decision to trigger the Private Sector Involvement (PSI) clause and the corresponding haircut in the value of Greek debt held by private investors did not dispel all doubts over the sustainability of public finances in Greece. The agreement over the financing of the EFSF also raised doubts on whether its firepower was sufficient to deal with a potential spreading of the crisis.

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The European debt crisis

The Greek case


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