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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.
The cost of insuring Italian debt against default rose to a record high on Monday one day before a key bond sale, while Greek credit default swaps also hit historic highs on growing worries that the country may go bankrupt.
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.
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.
George Soros is warning the euro zone debt crisis could be worse than the Lehman crisis but stocks across Europe are sharply higher this morning following news from Athens and Rome on how they plan to tackle their budget deficits.
The current market volatility and uncertainty has made finding what to buy even more difficult, Pedro De Noronha, managing partner at Noster Capital, told CNBC.com Wednesday.
As leaders in Europe try to contain a deepening financial crisis, they are also increasingly talking about making fundamental changes to the way their 17-nation economic union works. The NYT reports.
On Wednesday, investors will wait with bated breath for news from Germany again, where the Federal Constitutional Court has the power to make or break the fate of the euro zone.
The cost to Germany of leaving the euro could reach €8,000 for each adult and child in the country and spell disaster for the global economy, according to economists at UBS.
The exit of any of the countries in the euro region from the single currency would cause "complete chaos" in that country and is "almost inconceivable", Erik Nielsen, global chief economist at UniCredit, told CNBC Tuesday as the euro zone debt crisis continued to loom over European markets.
Former German Chancellor Gerhard Schroeder told CNBC that his successor, Angela Merkel, should never have tolerated the Greece-bashing as the euro zone debt crisis unravelled.
Sometimes a summer vacation can set you up for the autumn, allowing you some-hard earned rest to recharge the batteries before returning to the office, light of heart and confident about the prospects for the rest of the year.
Why what goes on in European economies has such an impact on the U.S. markets, with CNBC's Michelle Caruso-Cabrera. And a trader triple play, with Eric Wilkinson, independent trader; Boris Schlossberg, GFT Forex; and Bill O'Neill, Logic Advisors, on gold. And can the EuroZone be saved, with Tony Nash, Economist Intelligence Unit, and CNBC's Simon Hobbs.
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.
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."
"If you look at the situation of the economic crisis it was always more political than financial. We need to simplify the decision-making process because at the moment it is far too complicated," Jose Maria Aznar, former Prime Minister of Spain, told CNBC.
Dismal news is sending the euro tumbling - but that doesn't mean you should jump in on weakness.
The small bounce in equities on Wall Street should be over and traders would be wise to look at short positions and lock in profits, Riccardo Ronco, technical analyst at Aviate Global told CNBC. European markets meanwhile, were "heading into a full bear market," he added.
The world will still be "paying the piper" for several more years because of the debts that mounted before the global financial crisis, Arnab Das, managing director of Market Research and strategy, at Roubini Global Economics told CNBC.