New Prime Minister Mario Monti faces the daunting task of reining in Italy's high public debt. Analysts say he will have to tackle fiscal irresponsibility to rebuild market confidence and prevent the eurozone's third largest economy from defaulting.

New Prime Minister Lucas Papademos faces daunting challenges to rescue Greece's economy. A fiscal collapse, analysts say, will also raise questions over the eurozone's ability to manage debt crises in other struggling European economies.

Former Federal Reserve Chairman Alan Greenspan provides an overview of the global debt crisis in the first session of the Stephen C. Freidheim Symposium on Global Economics: Europe's Debt, America's Deficit: The Crisis of the Rich World.

Despite a pledge by Prime Minister Silvio Berlusconi to resign, Italy faces pressure to address its sovereign debt burden by quickly implementing austerity measures or risk a new magnitude of eurozone contagion.

Experts reflect on the effects of the economic turmoil in Greece and Italy on the Eurozone and discuss the political dimension in resolving the crisis.

Jacob J. Lew, director of the White House Office of Management and Budget, analyzes the effect of the political gridlock in Washington on fiscal policies, and discusses the domestic deficit challenges faced by the White House.

Juan Forero and Michael Birnbaum suggest Greece turn to the financial histories of Uruguay and Argentina for a lesson on how to deal with its current debt crisis.

EU leaders are making plans for a Greek exit from the euro, even as Prime Minister George Papandreou scrambles to garner support for the new EU rescue package and tougher austerity measures.

The ongoing eurozone sovereign-debt crisis dominated the G20 summit in Cannes, but there is little the United States and other G20 nations can do to influence EU policymakers, says CFR's Steven Dunaway.

Richard McGregor explains how the eurozone crisis showcases diminished U.S. capacity to lead, as Congress debates how to best support the bail out.

Joshua Kurlantzick says Europe is turning to emerging economies to help solve its debt crisis, but it's too bad they can't deliver.

Nick Malkoutzis argues that Greek Prime Minister George Papandreou's call for a popular referendum on the debt deal is counterproductive at best and self-destructive at worst.

This report discusses the effects of the Budget Control Act on the U.S. economy, including discretionary spending caps projected to reduce the deficit by $917 billion over FY2012-FY2021.

EU leaders have agreed to significant moves to address the eurozone sovereign debt crisis that has roiled global markets. But analysts and investors are skeptical of the plan's long-term prospects.

European leaders met in Brussels to craft a comprehensive solution to the eurozone sovereign debt crisis. Sebastian Mallaby, director of CFR's Greenberg Center for Geoeconomic Studies, and Benn Steil, CFR director of international economics, discussed the outcome of the summit, the role of the continent's banks, the Greek debt crisis, and the eurozone's financial rescue fund.

Sebastian Mallaby and Benn Steil consider whether the Eurozone is salvageable.

Eurozone leaders issued this statement regarding the European debt crisis on October 26, 2011 at their summit in Brussels.

The fate of the EU is in doubt as a crucial summit prepares to address the economic crisis. CFR's Charles Kupchan says the union will likely survive and could even grow stronger by creating more capable institutions to oversee the euro.

As public funds decrease, Cezary Podkul discusses why infrastructure projects are shifting to the private sector.

Increased infrastructure spending has significant support in Washington these days, but Chris Edwards doubts its ability to lift the economy.