After the unconstitutional bailout of Greece reached at the EU summit first proposals for the reform of the Stability and Growth Pact on the table. The key point is a bankruptcy order for states to private investors take joint liability. This project is first. Because the political coordination has not been able to urge States to a sensible budget policy. Only when the financial markets Demanded significant risk premiums on government bonds of highly indebted countries and the euro only the breach of the bailout clause could be stabilized. Austerity measures have been put in place. Without Bankruptcy Act, markets can discipline their function. However, implementation remains doubtful. Buyers of government bonds are mainly banks and insurance companies. If it comes to bankruptcy, they will to bear losses. In a crisis, the banks are threatening high depreciation and in extreme cases, bankruptcy.