The Euro Crisis Odyssey, Four Years and 19 Summit Meetings Later

- 2012-09-10T14:26:17Z

Photograph by Georges Gobert/AFP/Getty Images

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May: 14-Hour Overnight Session

May 7-8: European leaders agreed to set up an emergency fund to stem the sovereign debt crisis and said the workings of the financial backstop will be hammered out before the markets open on May 10.

May 9-10: EU finance chiefs, in a 14-hour overnight session in Brussels, agree to set up a 750 billion-euros rescue mechanism for countries facing financial distress and the ECB said it will buy government and private debt in the biggest attempt yet to end the sovereign-debt crisis. The meeting gives birth to the European Financial Stability Facility, the region's temporary bailout mechanism, with initial capital of 440 billion euros.

Left, former Greek Finance Minister, George Papaconstantinou.

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