"We're in a situation, if you were scripting a disaster movie, you really couldn't build the tension better," one analyst told CNBC.
The situation in Europe has now become deeply scandalous. People's lives are being ruined and national governments are teetering on the edge of destruction.
The European Central Bank tapped a foreign exchange swap facility with the Federal Reserve earlier this month, borrowing $500 million. In exchange, the ECB puts up collateral of Euros worth slightly more than $500 million. The ECB wants the dollars so it can lend them out to European banks, which have been having trouble borrowing dollars at affordable rates due to fears about their financial health.
Greek lawmakers have passed a deeply resented austerity bill that has led to violent protests on the streets of Athens, despite some dissent from one Socialist lawmaker.
"Even if the Europeans come up with something very robust...to deal with the crisis, this is going to be a long slog," says former FDIC chief Bill Isaac.
"There is such an ingrained negative mood internally in the U.S. about itself," Goldman Sachs Asset Management Chairman Jim O'Neill told CNBC Thursday. "People now seem to be convinced that Europe is going to drag the U.S. down. That might happen, but there is a strong likelihood that it won’t."
Former British Prime Minister Gordon Brown has called on the United States to show leadership on the global economic recovery at the next G20 Summit to be held in Nice, France next month.
Greece has to approve an austerity plan before the "troika" - the IMF, the European Central Bank, and the European Commission - release aid. Here's how to trade the drama.
Greece will default, U.S. economist Martin Feldstein told CNBC Wednesday, and it might be good for the country to leave the European Union.
Demonstrators on Wednesday threw stones and gasoline bombs at police outside parliament during a two-day general strike that unions described as the largest in years.
Tens of thousands of protesters rallied in front of the Greek parliament on Wednesday and there were isolated outbreaks of violence as a general strike shut down much of the country ahead of a vote on a painful new round of austerity measures.
Discussing why President Obama's jobs bill will help create modest economic growth, with former New Mexico Governor Bill Richardson, (D), who also weighs in on why President Obama will be re-elected.
The youth unemployment rate is expected to show a "minimal decrease" in 2011 since its peak last year but the young, particularly in areas most hit by the crisis, are struggling to find jobs, the International Labor Organization said in a report released Wednesday.
Most people who have a mortgage are doing very nicely, thank you very much, out of lower interest rates.
Greece has been the butt of jokes throughout the financial crisis, and the implication is always the same: that the Greek people are lazy and don’t like to work.
A 100 percent 'haircut' or write off of Greek debt would be needed to reduce Greece's debts to a manageable level, a senior analyst told CNBC Tuesday.
Angela Merkel and Wolfgang Schaeuble sure know how to ruin a party. A euro party, that is.
Jason Pride, Glenmede director of investment strategy, discusses the chances that Europe will fall into a recession.
The euro was doomed from its inception and is the reason that Europe is in an appalling mess, an economist told CNBC Monday.
Embattled UK secretary of state for defense Liam Fox resigned from the government on Friday after a week of continuing allegations relating to his close friend and self-styled adviser Adam Werrity.