The former president of the European Central Bank also told CNBC the shutdown signals "enormous difficulty" for the nation's democratic processes.» Read More
Greece needs a collective effort by itself, the International Monetary Fund (IMF) and the rest of the euro zone members to resolve the crisis, according to Zhu Min, Deputy Managing Director, who spoke to CNBC from the summer meeting of the World Economic Forum in Dalian, China.
CNBC's Michelle Caruso-Cabrera has the update on riots in Italy ensuing as a final austerity package has been aprroved.
As the euro zone enters the most dangerous phase of its debt crisis, bailout patience is eroding in the fiscally responsible tier of the zone. While Brussels wonders whether the Finns have become Euro-skeptic, the reality is the reverse. Europeans are turning into Finns.
Angel Gurria, secretary-general of the Organisation for Economic Co-Operation and Development, issued a strong defense of the euro over the weekend.
It has been another dramatic weekend in the euro zone. On Friday, Germany’s representative on the European Central Bank's governing council, Juergen Stark, resigned in protest at the bank's decision to buy Italian and Spanish bonds. He will be replaced by German deputy finance minister Joerg Asmussen.
Greece is unable to repay its debts, according to Richard Bove, banking analyst at Rochdale Securities, and given that the euro zone banking system has yet to mark sovereign debt holdings to market, many banks will be forced to raise new capital.
CNBC's Michelle Caruso-Cabrera has the details on the ECB confirming the resignation of hawkish board member Juergen Stark.
Currency intervention gains steam, economic reports lose it - it's time for your FX fix.
The euro is nothing more than an economic mirage because it lacks the essential building blocks of a long-term secure currency, according to Tim Martin, chairman of UK pub restaurant chain JD Wetherspoon.
The boss of the Greek debt office (PDMA) has told CNBC that Friday is not the deadline for the debt swap plan.
Markets Friday will debate the merits of President Obama's $447 billion jobs package and monitor G-7 finance ministers, who meet in France against a backdrop of weaker global growth and fears of financial contagion from Europe.
A look at today's European markets close, with CNBC's Mandy Drury.
The Greek tragedy in several acts would appear to be approaching a climactic moment. The warnings coming out of Berlin all week have been hard to ignore: "Greece either puts up or shoves off" would seem to be the blunt message being offered.
The European Union should appoint a new budget tsar with powers to dictate taxes and spending in euro zone countries and who could ultimately adjudicate whether countries should be kicked out of the euro, the Dutch prime minister has argued in the Financial Times.
Markets will be watching three major policy speeches Thursday, including President Obama and Fed Chairman Bernanke, but the speaker that may be most dramatic may be out of Europe.
"The ECB may be doing limited [bond] buying at the margins, but it is not sending the right messages. The only voice of reason out there - I am a dove on this - is the IMF, which says the ECB needs not only to let up this hawkish severe austerity message, but to also provide a lot more support for Italy, and for the rest of the Euro Zone," Roman Scott, managing director of Calamander Capital, told CNBC.
Italy's largest trade union has called a national strike for tomorrow and Jean-Claude Trichet will announce the ECB rate decision on Thursday. Those are two of the big events happening around the world this week, with CNBC's Simon Hobbs. And the Asian market open with CNBC's Matthew Taylor in Australia. Also, wildfires and floods hit the area around the Gulf and could have an impact on oil and natural gas prices. And the Post Office may not be able to pay its bills later this year.
CNBC's Kaori Enjoji looks at the Asian market open the day after Europe's markets collapsed. And Simon Hobbs offers a roundup of the concerns engulfing Europe. Steve Sedgwick, CNBC Europe, discusses Italy's austerity plan. Also, the Fast Money trade on the European situation, with Joe Terranova, Virtus Investment Partners.
European shares fell sharply on Monday amid renewed fears over the euro zone debt crisis and a warning from Deutsche Bank’s CEO on the outlook for banks.
The man who ran Germany when the euro began trading has an idea to save the euro zone: the creation of a "United States of Europe."