Premiere Elements 12 refuses to load

Ever since I upgraded my nVidia video drivers to the latest version, 21.21.13.7595, Premiere Elements 12 refuses to load.

I followed all the troubleshooting steps, including de-installing everything, i.e. both Photoshop Elements 12 and Premiere Elements 12, rebooting, doing a fresh install but to no avail.

Photoshop Elements 12 works fine, but Premiere Elements 12 just refuses to load.

I informed Adobe about this through the Chat support, but after giving the agent my email ID and serial number, the agent just told me to post here...