After EU Council summit talks in Brussels, at which France and Germany urged EU member states to overhaul EU treaties in an attempt to remedy the debt crisis, the UK opted out, citing the proposed financial services tax. The 17 Eurozone members and six other states agreed instead on this pact, reached on December 9, 2011, without the UK's participation.
William R. Cline interviewed by Christopher Alessi
Greece's new prime minister is seeking crucial parliamentary support for an EU bailout package that will require restructuring its sovereign debt. Economist William Cline says Uruguay's 2003 default offers a constructive model.
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.
G20 leaders will be tested this week to act on sovereign debt crises and potential global economic upheaval. Stewart Patrick says a proper response would be for leaders to follow their own promises from previous summits.
European leaders meet in Brussels today to craft a comprehensive solution to the eurozone sovereign debt crisis. Listen in tomorrow, October 27, at 11:00 a.m., as Sebastian Mallaby and Benn Steil discuss the outcome of the summit, the role of the continent's banks, the Greek debt crisis, and the eurozone's financial rescue fund.