Weekly Wrap: Europe's ongoing debt crisis

A Wall Street sign in New York City's financial district.

Kai Ryssdal talks with Leigh Gallagher from Fortune magazine and John Carney from CNBC about the debt problems in Europe and how it might affect the U.S.

On whether a solution to the crisis is coming soon:

John Carney: I think there's no fix. I think it's actually not going to end anytime soon. What we're going to have are resolutions of temporary things. Either good or bad. Greece will probably go through an extreme moment; whether that counts as a default or not, I don't know. But then we will have extreme moments in Italy and Portugal and Spain; we're going to have a cascade of these things happening over the next several months, well into 2012.

On what American taxpayers are feeling about Europe's problems:

Leigh Gallagher: We're not afraid. Look at what's happening in the market this week: we've been up every day. Europe feels very far away...There hasn't even been talk of a double-dip anymore here, which was sort of the big panic not so long ago.

For more analysis, click on "Listen to this story" at the top of the page.

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