Europe's strategy for dealing with it's debt crisis was called into question over the weekend following two big political developments: One in France, one in the Netherlands.

Overnight, the Greek parliament imposed drastic cuts that will layoff some 150,000 government workers, raise the retirement age and lower the minimum wage by 20 percent. What would the same cutbacks feel like here in the U.S.?

Greeks rioted over the weekend, burning dozens of buildings in protest against budget cuts that are the latest condition for a $170 billion bailout from the European Union and the International Monetary Fund.

A day after the government submitted a budget cutting plan that’s needed in order for Greece to get more bailout money, there are huge strikes over the cuts going on in Athens today.