How the Euro Was Saved

A spectacular U-turn

One leader acutely aware of the debate going on inside the chancellery was Mr Barroso. The commission president told aides he believed one of his cardinal duties as guardian of the EU’s treaties was to keep the eurozone and EU from losing members, be it Greece from the currency union or Britain from the EU itself.

With a massive, long-delayed €34.3bn aid payment hanging in the balance and Mr Samaras continuing to argue for big bailout revisions, Mr Barroso decided to become the first of the inner circle of EU crisis-fighters to visit Athens since the crisis began.

The talks between the two men went on for two hours. Sitting in front of an unlit fireplace in Mr Samaras’ wood-panelled office, Mr Barroso told the new prime minister ...