.During the spring, Europe committed billions of euros to aid debt-ridden Greece, only to see the region's debt crisis shift to Ireland. German Chancellor Angela Merkel was concerned that Berlin would be on the hook for these rescues as well as future intervention. In October, Merkel and French President Nicolas Sarkozy agreed on the Deauville pact, which would require bondholders in struggling nations to bear a portion of losses starting in 2013. According to an analysis by The Wall Street Journal, the Deauville pact, named for the French city in which it was struck, sparked a chain of events that resulted in a closer union formed by eurozone leaders. Full sotry here
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