Europe debt crisis

Europe's financial crisis flared anew on Wednesday, after Portugal's finance minister quit and the government teetered on the edge of collapse.

The EU gets its first new member in six years, but it's something less than a celebration.

After hours of high stakes negotiations, European finance ministers have struck a deal to help shield taxpayers from bank failures.

Italy might need a bailout within six months. So warns Italy's second largest bank, MedioBanca, according to Britain's Daily Telegraph.

Despite the crisis, there are still benefits of being a member of the eurozone club.

European unemployment hit a new record high in April. 12.2 percent, or about 20 million people, across the 17 countries that use the euro are out of work.

The number of unemployed Germans rose more than four times what analysts had expected in May. Still Europe's largest economy held onto its jobless rate of 6.9 percent -- lower than the majority of euro zone countries.

As the G7 gathers near London, austerity is on everyone's mind.

For the first time in history, the 17 nations that use the euro are headed for two years of back-to-back recession, according to the European Commission.

The European Central Bank (ECB) has cut interest rates to a record low of 0.5 percent. But how much stimulus can the ECB really provide?