European Informal Council and Eurozone Summit, Brussels, 26/10/2011
On 26 October 2011, the European leaders gathered in Brussels for a summit, designed to end Greece's debt crisis and prevent it from spreading to the eurozone. They agreed that the Member States of the Euro zone will contribute to the Private Sector Involvement package up to 30 billion euro. The nominal discount will be 50% on notional Greek debt held by private investors. They also agreed on the optimisation of the resources of the European Financial Stability Facility (EFSF). The options agreed will allow the EFSF resources to be leveraged. A comprehensive set of measures to raise confidence in the banking sector has also been found by facilitating access to term-funding through a coordinated approach at EU.