The Greek announcement of its excessive debts led to one of the most severe crises the EU has faced since its inception. The crisis soon evolved into a full leadership crisis as European political leaders struggled to come up with a common solution to the challenges they faced. Theories of leadership and crisis management identify several factors that may contribute to these differences. This article examines to what extent leaders' personal traits and external pressure influenced how six political leaders made sense of the situation. The study finds that a leader's belief that they can control events, their self-confidence, as well as economic pressure provide a partial explanation of how European leaders make sense of the crisis. The traits of cognitive complexity and openness to information do not exert an influence in the cases discussed here. These findings indicate that any comprehensive understanding of how leaders make sense of crises should take note of specific individual as well as contextual factors.