European Debt Crisis

A poll this weekend shows Greek voters support politicians who favor the EU bailout of Greece. Elections earlier this month rattled the markets when voters came out in favor of political groups that opposed the bailout and austerity.

The Spanish government is wrangling with how to rescue its troubled banks. The Spanish bank Bankia needs about $24 billion in new capital.

Analysts say U.S. investors don't have much exposure to the Spanish bank.

Markets in Europe are mixed today: Greece is way up and Spain is down. Though both countries face major economic troubles, the level of uncertainty may be the key in determining their market variation.

In Brussels this evening, leaders from euro zone nations are meeting in a casual setting to discuss and formulate policy solutions to the European debt crisis ahead of a formal summit.

The Organization for Economic Cooperation and Development warns the eurozone nations of severe recession risk, and calls on the European Central Bank to step in to stem the crisis.

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.

The G8 summit of the world's richest industrialized nation's gets underway this evening at Camp David in Maryland. German Chancellor Angela Merkel could be the center of attention. She's under pressure to get behind stimulus programs for Europe.

German Chancellor Angela Merkel has sent a message that she is committed to keeping Greece in the eurozone. At the same time, the European Central Bank is keeping Greek banks on a tight leash, cutting off funding for some.

Prof. Matthias Mattjijs discusses how a new Greek election might affect the eurozone.