Italy and Greece are working to cobble together interim governments to avoid bankruptcy as Europe's debt crisis rolls on.
The shocking news of a Greek debt referendum this week has prompted European leaders to hold an emergency meeting today ahead of the G20 summit in Cannes, France.
Greece revealed today that it is in more dire economic straits than envisioned when a €110 billion bailout deal was agreed to this summer, sparking concern that Europe’s debt crisis could deepen.
The German chancellor and Greek prime minister today gave speeches pushing their plan to solve Greece's economic crisis, just days before the German parliament votes on more bailout money.
Since last year's flotilla debacle killed nine Turkish activists, Israel has cultivated ties with Greece, offering the debt-ridden country generous military aid.
Prime Minister George Papandreou is faced with passing an unpopular austerity program so it can get the $17 billion it needs by July 15 to avoid default on Greek debt.
Germany and France reached an agreement that should see a desperately needed Greece bailout move forward.
Analysts say Moody's is looking at the worst-case scenario for Spain's struggling economy even though some economist say Spain shows some promising signs.
Greece passed a budget early Thursday with deep spending cuts, but investors will probably remain leery of lending to Greece and some of its indebted European peers.
Rome explosions at the Swiss and Chilean embassies today bear the hallmarks of Italian anarchists, who could be trying to take advantage of the country's fragile political situation, say experts.
In the wake of a string of parcel bombs in Greece and the Yemeni plot to send explosives to the US via air freight, Germany wants EU ministers to review air-cargo security measures.
Security experts say that parcel bombings sent to embassies across Athens on Monday and Tuesday have all the hallmarks of anarchist groups looking to make a 'symbolic gesture.'
The Swiss Embassy attack came after authorities discovered six Greece 'parcel bombs' addressed to French President Sarkozy and foreign embassies across Athens.
The European Parliament passed a bill today that would cap and defer financial traders' and bankers' bonuses, giving Europe the toughest regimes in the world. The caps are a backlash against the global financial meltdown, and the bonuses that followed.
Officials see privatization as a way to dig out of Greece's debt, but newly unemployed workers are taking to the streets of Athens in protest. Tuesday's 10,000-strong demonstration may foreshadow larger protests to come, some say.
Workers took to the streets of Athens today to protest the government budget cuts demanded in exchange for the $140 billion Greece debt bailout. While some feared a repeat of violent May 5 demonstrations, the protest was peaceful.
The euro fell to a four-year low on Wednesday amid continued investor worries about Europe's sovereign debt woes. German Chancellor Angela Merkel banned naked short-selling, seeking to combine new regulation with an already announced $1 trillion euro rescue package, to shore up the currency.
Stocks and the euro fell on Monday, amid continuing worries that a $140 billion bailout for Greece won't stave off a broader eurozone credit crisis. The first politician was ousted in response to the Greek debt crisis.
Markets across the world soared after the European Central Bank promised the creation of a $955 billion rescue fund for eurozone countries with debt problems. But some economists are worried about moral hazard – bailouts leading to reckless spending.
The German parliament approved the country's $28 billion contribution to the Greek bailout package on Friday. Chancellor Angela Merkel shifted from initial opposition to paying Greece's debts to concern over economic fallout in the rest of Europe.
Greece protests against the government's tough spending cuts broke out in Athens Thursday, was stocks plunged on Wall Street over concerns about tightening credit markets and declining global demand.
The Greece debt crisis, which is still subject to German parliamentary approval and may be challenged in court, is putting unsustainable stress on the European Central Bank, some analysts say.
The Greek debt crisis continued to roil European debt markets on Wednesday after a leading rating agency cut the country's debt status to junk. While short term aid to Greece is a near certainty, economists warn that more international cash – and painful political steps in Athens – will be needed.
The Greek debt crisis, which has sent bonds tumbling across southern Europe, has had a knock-on effect on stock markets in Asia. But one analyst says Asian banks and governments have limited exposure to Greek debt, so should weather the storm relatively unscathed.