European Financial Crisis

There is a concerted effort by the 27-member European Union to come up with a comprehensive plan for identifying symptoms of and preventing a future financial crisis that had crippled Europe's economy and required massive bailout for Greece and Ireland. The plan is to be submitted at the bloc's summit during March 24-25, 2011. One of the main features of the evolving plan is to strengthen the $599.94 billion European Financial Stability Facility and create an alternative mechanism to replace EFSF in June 2013.