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  • Lucas Papademos

    Lucas Papademos might have been hoping to gently ease into retirement after close to four decades as an economist and central banker.

  • European Central Bank

    Euro zone weakness is impacting the global economy: European Union lowers growth forecasts.

  • italy_rome_200.jpg

    The swirl around Italy's debt woes is likely to dominate markets Thursday, after the rapid rise in Italian borrowing costs sent risk assets cascading around the globe Wednesday.

  • Piazza Venezia, Rome, Italy

    Fears that Italy, the world's third-largest debtor nation, cannot afford its obligations shook world markets, sending investors into the relative safety of the U.S. dollar and Treasurys.

  • Piazza Venezia, Rome, Italy

    Fears that Italy, the world's third largest debtor nation, cannot afford its obligations shook world markets, sending investors into the relative safety of the U.S. dollar and Treasurys.

  • fx_fix_1_200.jpg

    Italy sends the euro tumbling, and Britain needs more exports, please - it's time for your FX Fix.

  • Piazza Venezia, Rome, Italy

    Financial markets will again be put to the test Wednesday by developments in Italy, which investors fear could drag down the world economy if it does not get its fiscal house in order soon.

  • With all eyes on Swiss central bankers and Italian lawmakers, it's Europe day again - time for your FX Fix.

  • Market's Pavlovian Response to Europe

    Are we still entrenched in the pattern of risk-on or risk-off? "It's too simplistic," says Kevin Ferry, Cronus Futures Management. "There's like a Pavlovian response that when the euro goes up you buy risk assets."

  • capitol_building_wallstreet_200.jpg

    Wall Street bonuses are set to fall by an average of 20 to 30 percent this year from a year ago, according to a closely watched compensation survey—the weakest bonus season since the financial crisis and a reflection of the leaner times confronting the industry NYT reports.

  • Former U.S. Federal Reserve Chairman Paul Volcker

    The scale of Europe’s debt problems has forced its central bank to go beyond its traditional role in order to limit the cascading effect of the crisis, the former Chairman of the U.S. Federal Reserve Paul Volcker, told CNBC on Tuesday.

  • Statue and Italian Flag in front of Vittorio Emanuele monument.

    Traders, across the financial markets and around the world, expect to spend another day Tuesday watching Italian bonds.

  • The Parthenon in Greece

    Greece may anoint a MIT-trained economist named Lucas Papademos who once worked at the Federal Reserve as interim Prime Minister.

  • The markets are making it clear they think Italy will be better off financially if the country’s Prime Minister, Silvio Berlusconi, steps down. There’s a reason for that.

  • fx_fix_1_200.jpg

    Italy's in upheaval and Switzerland could be headed for deflation - it's time for your FX Fix.

  • The Need for the Euro

    Weighing on on why a German-led fiscal integration in the euro zone will make it more unattractive for countries to stay with the single currency, with Jim O'Neill, Goldman Sachs Asset Management; with Greg Fleming, former president, Merrill Lynch.

  • greece_flag_cracked_200.jpg

    As Greece's leaders tried to finalize the details of its new coalition government, Pavlos Yeroulanos, Minister of Culture and Tourism in the current regime, told CNBC that leaving the single currency would not solve its problems and ruled out a referendum on Greece's membership of the euro zone in the near future.

  • european_union_crack2_200.jpg

    The agreement on the size of the haircut on Greek debt banks will take could have serious consequences for all the so-called PIIGS according to Carl Weinberg, the chief economist at High Frequency Economics.

  • President of the European Commission Jose Manuel Barroso chats with U.S. President Barack Obama as (from L to R) Russian President Dmitry Medvedev, German Chancellor Angela Merkel, French President Nicolas Sarkozy and Japanese Prime Minister Naoto Kan follow behind as the leaders emerge from lunch on their way to the first plenary session at the G8 Summit on May 26, 2011 in Deauville, France. France is hosting the G8 Summit, which focuses on issues including African development, the Arab Spring

    The Group of 20 is seeking to meet again, possibly before Christmas, with the aim of resurrecting a deal to provide an international firewall around Greece, G20 sources have told the Financial Times, saying negotiators at the Cannes summit had been close to an agreement.

  • businessman_burning_city_200.jpg

    Europe is officially in crisis mode, but the euro is hanging tough. Here's how to prepare if uncertainty seems primed to rise on Monday.