Greece is not unique. Investors are finding it hard to judge which countries are "safe" or price for that risk. The EFSF is too small to buy the debt of larger states on the scale needed to stabilise markets. The EFSF cannot be scaled up in its current form without threatening the AAA ratings of the creditor countries.
The St. Malo Agreement on European Defence Cooperation of 1998 set out a new approach to defence cooperation in pursuit of a new goal – an autonomous European military capability. By contrast, the Franco-British cooperation launched in November 2010 by Prime Minister Cameron and President Sarkozy is once again a new approach, but it is one that seeks to sustain the status quo – in support of sovereign foreign and defence policies.
Defense Policy, Arms Control and Proliferation, and Bilateral Relations