Greece’s Debt Crisis | Council on Foreign Relations

Faced with deflation and economic stagnation in the eurozone, the ECB announces a 1.1 trillion euro (more than $1.2 trillion) program of quantitative easing (QE) to spur inflation and growth. Under the program, the ECB will purchase 60 billion euros in financial assets, including sovereign government bonds, each month. Under ECB rules, however, Greek bonds are not eligible.

The left-wing, anti-austerity Syriza party wins a resounding victory in snap elections, breaking more than forty years…