On 11 July 2011, a first Treaty establishing the European Stability Mechanism was signed in Brussels by the 17 Member States in the euro area. The deterioration of the financial situation in Greece meant that a new aid plan was required, involving the Member States in the euro area, the financial assistance instruments set up in 2010 (the European Financial Stabilisation Mechanism, including the European Financial Stability Facility (EFSF)) and private creditors. Given the risk of contagion, the decision was taken to review the financial assistance instruments, namely the EFSF and the recently approved European Stability Mechanism. The Treaty of 11 July 2011 did not enter into force; it was amended and served as the basis for another Treaty establishing the European Stability Mechanism, signed in Brussels on 2 March 2012.