Euro, Europe Debt Crisis | featured news

European Union members that use the euro agreed to sign a treaty that would require stricter financial and fiscal discipline, but two countries with their own currencies, Britain and Hungary, refused.

Europe’s debt crisis is going from bad to worse. The borrowing rates for troubled--and even not-so-troubled--European governments once again soared Friday, heightening the danger of an all-out collapse in Europe’s common currency. It comes as political leaders across the continent are all pointing to each other as needing to act to avert a worse outcome.

A top board member of the European Central Bank unexpectedly resigned on Friday in what analysts saw as further evidence of the deep divisions over how to resolve Europe’s growing debt crisis. The move immediately rattled European markets and the euro, which slipped to a six-month low against the dollar. The European Stoxx and German DAX indexes tumbled 3.5 percent.

European leaders are holding an emergency summit on Greece's debt crisis, trying to prevent a meltdown for the euro and a global economic slump.

Stress tests on Ireland's four main lenders will reveal a capital hole of around 20 billion euros ($28.2 billion), The Sunday Business Post reported, without citing any sources.

Stock futures tumbled Tuesday after the euro fell to a new four-year low....