Battle lines have now been drawn in the euro zone for next week, a week in which the Italian Prime Minister, Mario Monti, said the euro zone must save itself and for which he believes there can be no room for failure.

The European economic crisis has been three years in the making and its outcome is uncertain. To help clarify the situation, here's a look at what's happening now, with updates as they happen, and a look at the major players.

Western policymakers are "making fools" of themselves in the eyes of people in emerging markets as no initiative to end the euro zone crisis has emerged in more than two years, an economist told CNBC at the St. Petersburg International Economic Forum (SPIEF).

The number of Greeks filing and paying their taxes shot up sharply in the wake of Sunday’s contentious elections.

Despite all its troubles and turmoil, Europe is setting up as a great chance for investors looking for some cheap land and unique deals, developer Donald Trump told CNBC.

Wilbur Ross, the billionaire investor and Chairman of private equity firm, WL Ross & Co., says the real question facing Greece is what policies the new government will implement after the pro-bailout New Democracy party won the most votes in Sunday’s vote.

Thousands of well-educated workers are fleeing Greece and heading to Germany as the euro zone crisis batters their homeland.

"The markets have digested an awful lot of the negative implications of the crisis. There's room for positive surprises here," says one investment pro.

The worst case scenario for investors is that on Sunday night the re-run of the Greek election does not produce a coalition government both willing and able to implement the austerity plan Athens has already agreed on with the other 16 members of the Euro Zone.

Investors are seeking the safest investments and want to protect their portfolios from European exposure and unpredictability. These companies generate revenue entirely in the United States, and many of them pay a dividend that is substantially greater than the 10-year note.

A relief rally that gathered steam on Monday lasted less than an hour in Europe as investors weighed a Greek election result seen as reducing the risk of a euro exit against concerns over Spain's high levels of debt.

Governments in Europe should lower taxes and increase salaries to boost growth rather than insisting on austerity and continued saving, famous economist Nouriel Roubini told a German newspaper in an interview on Tuesday.

European officials shouldn’t be surprised if their latest unveiling—a rescue plan for Spain’s troubled banks—fails yet again to impress markets or resolve the continent’s crisis.

Time after time during the European debt crisis, grand plans aimed at drawing a line under the problem have appeared to be behind market expectations. That may be changing.