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It was neither tax evaders in Greece nor hedge funds that caused Europe's existential crisis -- political leaders in the euro zone share a great deal of the responsibility. They have been either unwilling or incapable of doing their jobs.

Analysts and investors have begun to focus on the risks to European banks if severe budget cuts by debt-ridden countries freeze credit markets and cause a double-dip recession.

Defeat in North Rhine-Westphalia would undermine German chancellor's legislation on tax cuts and health reforms

The United States officials began talking to their counterparts about an American concept: overwhelming force. "It's all about psychology," said the senior official. "You have to convince people that the government will get its act together."

Like the giant financial bailout announced by the United States in 2008, the sweeping rescue package announced by Europe eased fears of a market collapse but left a big question: will it work long term? And as details crystallized of the package's main component - a promise by the European Union's member states to back 440 billion euros, or $560 billion, in new loans to bail out European economies - the wisdom of solving a debt crisis by taking on more debt was challenged by some analysts.

Before making a commitment to indefinite recession and slow recovery, Greece may want to consider the alternatives

The country's largest banks and trade groups have hired more than 240 former government officials and legislative staffers to lobby on their behalf in Congress, part of a broader campaign by Wall Street firms to limit the impact of proposed reforms on their industry, according to a report issued Tuesday by liberal groups.

Worried about your euros? You're not alone. As the euro plunges, many observers fear a possible collapse of the European single currency.

European financial markets were expected to suffer another week of turmoil after the Spanish government was forced over the weekend to rescue a regional mortgage lender and European leaders revealed deep divisions over how to tackle mounting deficits in the eurozone.