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.
As the first batch of bailout funds arrives at Spain's banks, Prime Minister Mariano Rajoy has announced an austerity plan to slash the public deficit. This includes tax hikes and cuts to unemployment benefits.
Words like "austerity," "sequestration" and "equity" are commonly used in news stories everywhere these days, but do you know what they mean? Senior producer Paddy Hirsch explains their actual definitions.