CNBC's Jim Cramer talks with Treasury Secretary Timothy Geithner about the global economy and what sovereign nations in Europe and around the world are doing to deal with the threat of default.. In this broad-ranging discussion, Geithner tells Cramer growth in the U.S. is weaker than he would like, largely due to the shocks of the past year. The political dysfunction in the U.S. & Europe only adds to the uncertainty, he says.
Prime Minister Silvio Berlusconi's government won a confidence vote on Wednesday in the lower house of parliament on a 54 billion euros ($74 billion) austerity package aimed at staving off financial crisis in Italy.
Markets around the world have been waiting for decisions from euro zone leaders on greater fiscal integration and euro bonds since July.
As Europe's debt crisis worsens further, one analyst says China may be their only savior.
The challenges facing the euro zone are immense and about to reach an "end game" according to one analyst who puts a 50 percent probability on everything turning out OK.
Investors will have to deal with an avalanche of news flow from Europe on Wednesday ahead of a crucial meeting of euro zone finance ministers and US Treasury Secretary Tim Geithner on Friday.
Italy's lower house of parliament is expected to approve the centre-right government's much revised austerity plan on Wednesday as Rome struggles to stem a financial market crisis now threatening the whole euro zone.
Until the market in general "feels calmer about the euro zone this sort of roller coaster ride is likely to go on for a while," John Raymond, senior analyst-European banks at CreditSights Limited, told CNBC Tuesday.
Although European banks are up sharply today, the rumors of trouble run deep. Insight on what's next, with John Raymond, Credit Sights.
Everybody's worried about the euro zone, but Turkey gets some good news — it's time for your FX Fix.
Embattled French bank BNP Paribas has been forced to deny rumors, published in the Wall Street Journal, that it has been struggling to gain dollar funding from US money market funds.
Greece should leave the euro zone in order to prevent the sovereign debt crisis engulfing major economies and threatening its very existence, a fund manager told CNBC.
Reports that the Italian government has held talks with the Chinese sovereign wealth fund about investing in its debt-laden economy spurred a stock market rally and a boost to the euro Monday.
The banking sector in Europe has been largely unable to staunch the heavy selling of stocks as investors bet the euro zone debt crisis will lead to recapitalization for the region's lenders and a second collapse in bank shares in the last three years.
Following the economic and market "bungee jump" out of the 2009 abyss, one economist is warning that we face a "once-in-a-lifetime crisis of capitalism" and "Deficit Attention Disorder."
"I've no regrets." Federico Ghizzoni, chief executive of UniCredit, told the FT after his first year in the top job at Italy's largest bank by assets.
Markets can't help but remain caught in the latest cross currents of news from Europe, but the question is whether it's going to feel like high or low tide.
Guy Dinmore, Financial Times with the story on a Chinese investment firm buying Italian debt.
Global financial markets continue to be roiled by the complex and alarming newsflow surrounding the European debt crisis. But the trading strategy for the upcoming votes on the bailout is straightforward.
European stocks are trading sharply lower on Monday with banks across the region the biggest fallers on fears the euro zone debt crisis has taken a turn for the worse over the weekend.