European leaders will face major hurdles trying to solve their debt crises in the New Year as the eurozone economy appears headed for a recession.
European countries are trying to shore up their weak banks to prevent a financial crisis that could spread to the United States and the rest of the world.
European governments, the E.U. Executive Committee, and the European Central Bank are trying to ease the crisis and convince financial markets that troubled governments can pay their heavy debts.
Some analysts worry that if the European leadership fails to ease borrowing costs and support debt-stricken countries adopting austerity measures to reduce massive debt levels, it could mean social unrest in their countries and could trigger a worldwide recession.