Greece has been shut down today because of a huge nationwide strike. Fifty thousand people took to the streets of Athens and police fired tear gas after violence broke out near the parliament. The issue, of course, is austerity: The very unpopular budget cuts going on as part of the solution to the debt crisis.

Tomorrow is Bastille Day in France, the French will be celebrating despite the rainy weather and eurozone turmoil. This week French carmaker, Peugot, announced major layoffs, signaling the tough economic climate facing the country.

The credit rating agency Moody's downgraded seven German banks today, noting their exposure to Europe's debt problems and slower economic growth.

Today, Ireland is holding a referendum on whether to ratify Europe's new fiscal discipline pact. A vote against the treaty would challenge German-backed austerity measures.