The European Union has the same currency, but not the same borrowing process, between the 17 members. Some would like to change that, but Germany is against it.

A disastrous bond sale creates fears of European contagion spreading to Germany today.

German Chancellor Angela Merkel and British Prime Minister David Cameron meet today to discuss a possible Robin Hood tax in Europe.

The threat of a European contagion is far from over, and U.S. banks could be hit by their exposure to France and other countries.

The credit rating agency Fitch says U.S. banks could be hit hard by the turmoil in Europe. The warning came late yesterday and sent bank shares tumbling.

After rough start, some question whether Greek policy makers can do what it takes to cut spending and pull the country out of financial straits.

The EU and the IMF are investigating whether or not Greece is meeting conditions necessary to receive bailout funds

Portugal's prime minister resigned after the country's parliament rejected a key round of budget cuts. Investors responded negatively — making it more expensive for the country to borrow money.

The ratings agency has downgraded Portugal's sovereign debt rating by two notches, citing the country's inability to control its debt problem. And it is just the latest in a rash of downgrades across the eurozone.

The Irish finance minister said his country's public finances are "horrendous" as he discussed a huge bank bailout. Europe correspondent Stephen Beard talks with Steve Chiotakis about how much a bailout could cost Ireland and how its economic situation compares to the rest of Europe.