When American consumers stop buying, companies around the world suffer — even those that do little business in the United States, the New York Times reported.

Some 15 banks have asked the German government for funds to help their business, Handelsblatt said, citing Otto Bernhardt, a parliamentary finance policy spokesman for Chancellor Angela Merkel's conservatives.

Belgian banking and insurance group KBC said on Monday it expects a quarterly loss of 900 million euros ($1.28 billion) on credit portfolio writedowns.

Wednesday: Christmas Eve is short on economic cheer. Unemployment claims jumped by 30,000 to a 26-week high. New U.S. durable-goods orders fell 1 percent in November, which was less severe than feared — but it followed a sharply revised drop in October orders. CNBC heard from experts who predict a slow awakening beginning after H2 2009 — and one analyst who says we're already in a bull market (!).

A drop in gasoline prices gave consumer sentiment an unexpected lift, but the data gloom continues: the recession deepened and both new and existing home sales fell by a record amount in November. Investors' flight to quality goes on; retail stores are eerily quiet; and reseachers at Challenger are predicting more than 1 million job cuts next year. But one expert sees a spark that'll start the economic thaw in 2009.

The European Union on Tuesday approved bank rescue measures for many of the continent's major economic powers, clearing the way for cash injections and loan guarantees expected to help lenders through the financial crisis.

Italian authorities won permission from the European Commission on Tuesday for an aid package for their banks caught up in the credit crunch.

TPG Capital has offered several concessions to clients who have pledged some $20 billion to the private equity firm this year, a source familiar with the matter said Tuesday.

The Irish government will invest $7.68 billion in the country's three main lenders, taking majority control of  Anglo Irish Bank after a loan scandal there rocked an already beleaguered industry.

The Bush Administration's plan to use TARP funding to aid the auto industry and Treasury Secretary Paulson’s decision to seek the remaining $350 billion generated more confusion and concern.

The Bush Administration's plan to use TARP funding to aid the auto industry and Treasury Secretary Paulson’s decision to seek the remaining $350 billion generated more confusion and concern.

Standard & Poor's lowered the credit ratings and outlooks for 12 major U.S. and European banks Friday, including Goldman Sachs and Bank of America, citing increasing industry risk and a deepening economic slowdown.

It may be the season to be wealthy — at least on Wall Street, where banks are awarding annual bonuses despite a growing outcry over pay, the New York Times reported.

Bond fund Pacific Investment Management (Pimco) has turned down a debt-exchange offer from GMAC, threatening the auto and mortgage finance company's bid to qualify for U.S. government funds, the Wall Street Journal reported.

Global markets were down Friday, tracking Wall Street's overnight losses. The dollar continued to fall, on track for the biggest weekly decline since 1985, and oil remained near 4-1/2 year lows.