EU leaders set up mechanism to bail out member states
In wake of Greece and Ireland financial crisis's, EU leaders have set up a stability mechanism to bail out any member state whose debt problems threaten the 16 -- nation eurozone.
European leaders agreed to drop the private-sector involvement in bailouts for European indebted nations, as Germany has finally agreed to step back from demanding investors to share the cost of bailouts, which led the debt crisis to worsen and deepen further.