As the global economy founders, refinancing Europe's banks to deal with the debt crisis might be preferable to bailing out countries, experts say – and politicians are starting to agree.
German Chancellor Angela Merkel meets with French President Nicolas Sarkozy today to coordinate a strategy for coping with Europe's expanding debt crisis.
Despite the European Central Bank’s intervention today, last week's losses in the Asian and European exchanges continued, prompted by worries that Europe's debt crisis will spread.
Eight European banks flunked a financial health check meant to reassure investors. But critics argue for tougher tests to weigh the impact of a sovereign default.