In Greece, where negotiations are underway with international banks in an effort to reduce the country's debt. Greece has to make a deal in order to get another round of bailout cash and prevent a messy default.
Right after Wall Street closed on Friday, the ratings agency Standard and Poor's downgraded the credit ratings of nine European countries. France and Austria lost their prized AAA credit ratings.
Europe correspondent Stephen Beard discusses why the European markets remained pretty steady despite the credit downgrades of several European countries, and why we ought to worry about the Greek debt talks collapsing.
In Italy, the government was easily able to borrow $4 billion to pay for spending over the next three years. And the head of the European Central Bank says it is evidence that the new European bailout is paying off.
