Euro area leaders gathered in Brussels on 21 July 2011 for an emergency summit to discuss the financial stability of the euro area and a second international bailout for Greece.
The euro area countries and the International Monetary Fund gave Greece a second bailout worth 109 billion euro, on top of the 110 billion euro already granted a year before.
Banks and other private investors will contribute some 37 billion euro to the rescue package by either rolling over Greek debt, swapping it for new bonds with lower interest rates or selling the bonds back to Greece at a low price. The euro area will provide some form of guarantees to the new Greek bonds rated at "selective default", so that Greek banks will be able to continue accessing liquidity support from the European Central Bank. SHOTLIST