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

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

Photograph by Nelson Ching/Bloomberg

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March-April 2011: Expanded Powers for EFSF

March 11: EU leaders agree to expand the powers of EFSF to allow it to buy debt in primary markets and tap its full 440 billion euros in firepower. EU also reaches a preliminary agreement to cut the rates on emergency loans to Greece by 100 basis points for first three years and extend maturities of the loans to 7.5 years.

April 6: Portuguese Prime Minister Jose Socrates requests a bailout from EU.

Left, EFSF Managing Director Klaus Regling.