In Europe, the latest signals are that Spain will not take a bailout in the immediate term. China's economic growth is slowing as investment takes a back seat to consumer spending.

As the Greek government prepares to unveil its 2013 budget, some argue it's time to let Greece go from the eurozone.

The French government has just unveiled a budget for next year that includes major tax hikes for the rich and for businesses. France is the second largest economy in the euro zone and so far it has managed to remain a leader in the debt crisis, rather than a victim — for the most part anyway.

In further austerity measures, the government imposes some $50 billion of tax hikes and spending cuts

Markets are shaken by the mass protests against austerity measures in Greece and Spain. Investors are questioning their earlier optimism over the prospects of recovery in Europe.

Greece has been shut down today because of a huge nationwide strike. Fifty thousand people took to the streets of Athens and police fired tear gas after violence broke out near the parliament. The issue, of course, is austerity: The very unpopular budget cuts going on as part of the solution to the debt crisis.

In an exclusive broadcast interview, the International Monetary Fund chief urged U.S. leaders to take swift action on the so-called fiscal cliff, and called for European leaders to continue vetting the region's debt crisis.

A German high court rejected a petition to block Germany's participation in the eurozone rescue fund. What does that mean for Europe going forward?

In Brussels, people are smiling over a new bailout plan to save the euro. Meanwhile in Greece, summer sun and good food are taking the edge off harsh reality.

Last week in Europe there was relative euphoria: The European Central Bank said it stood ready to buy the government bonds of any nation that came seeking its help. That would help countries like Spain and Italy keep their borrowing costs down, and keep them from lapsing into financial crisis.