European Debt Crisis

'Germans first and Europeans second' might no longer fly as tensions increase in the European debt crisis.

The economic problems in Europe continue to gain steam, with Italy and Hungary making the latest headlines.

In yet another bad development in the eurozone debt crisis, Italy saw its borrowing costs skyrocket. And now a British regulator has called on U.K. banks to prepare for the possible disintegration of the euro.

The news from Europe this morning starts with Italy, which had to pay a euro-era record rate to borrow money from the bond market. Meanwhile, Hungary's bonds were downgraded to junk status.

Leaders meet in France today to hear the new Italian leader's plan for spending cuts, but the topic of conversation might quickly switch to Germany.

After yesterday's disastrous bond sale in Germany, leaders meet today in Europe to continue talks on extending the power of the European Central Bank.

European leaders met in France today to try to make headway on the ongoing debt crisis there. German Chancellor Angela Merkel emerged from those meetings unmoved.

Ireland's banks were bailed out last year, but now it says it needs more money from Europe to help cover the costs of that bailout.

Leaders of France, Italy and Germany are meeting in Strasbourg, and here's the headline: They want to change E.U. treaties so they can better deal with the debt crisis.

Critics say a plan proposed by leaders of Germany, France and Italy to modify European Union treaties won't help with the immediate crisis.