Informal European Council and Euro Summit

On October 26, 2011, European leaders gathered in Brussels for a Summit, aiming to end the Greek debt crisis and prevent its spread to the eurozone. They agreed that eurozone member states would contribute up to 30 billion euros to the Private Sector Involvement (PSI) package. The nominal discount will be 50% on the notional Greek debt held by private investors. They also agreed on optimizing the resources of the European Financial Stability Facility (EFSF). The agreed options will allow for leveraging the EFSF resources. A comprehensive set of measures was also found to boost confidence in the banking sector, facilitating access to term-funding through a coordinated approach in the EU.