Photo Gallery Saving the Euro
In May, euro-zone countries agreed on a massive fund to help save the struggling common currency. The 750 billion facility is intended to calm markets worried about high sovereign debt in Europe.
German Chancellor Angela Merkel together with European Central Bank head Jean-Claude Trichet and French President Nicolas Sarkozy in February. European Union leaders hope that the very existence of the fund will calm markets such that it will never have to become active.
The euro zone appointed Klaus Regling to head the fund. Should euro-zone countries begin having trouble borrowing in the international bond markets, Regling will step in to help with credit and loan guarantees.
The euro package became necessary due to massive market uncertainty stemming from Greek debt, but also wobbly finances in Spain, Portugal and other euro zone countries. Here, Greek Prime Minister George Papandreou addressing the media in March.
The crisis triggered by Greece's debt problems threatened to bring down the euro. The European common currency spent the spring and early summer losing value against the dollar, but has since stabilized.
