Today, Ireland is holding a referendum on whether to ratify Europe's new fiscal discipline pact. A vote against the treaty would challenge German-backed austerity measures.
Although eurozone members want Greece to keep the euro, contingency plans are being made in case there is a parting of ways. The cost and wider economic effects of a possible Greek exit are highly uncertain.
Depositors into European banks have their money protected, as here in the U.S., but the risk is not just that the bank might collapse, the currency might.
As an exodus in the European Union becomes more a sure thing, two of London's largest bookmakers shut down the markets for bets on Greece leaving the E.U. and the existence of the euro in a few years.
Private bond holders have until this afternoon to decide if they'll take major losses on their investments in order to keep Greece out of a messy default, and avoid another global crisis.
Joining the European Union means also eventually jumping on board with the euro currency. Why would a country want to get involved at such a moment of crisis?
Leaders usually like to start the year with optimism, but Angela Merkel and others are finding it hard to see the bright side to the current situation in Europe.
In Greece, tax collectors are on strike to protest benefit cuts while in Italy, the government was able to borrow $9 billion to help pay for services, but banks willing to lend also demanded a high return.
