Europe's debt crisis is causing financial ripples all over the world, and elected leaders are trying to prevent a tidal wave. Looking a lot like Greece but much bigger, Italy is having trouble paying its bills. The national debt is 120 percent of gross domestic product and, recently Prime Minister Silvio Berlusconi announced sweeping austerity measures. The reaction was a national strike on Tuesday that shut down public transportation and air travel. Today, Berlusconi re-vamped his plan and then called for a confidence vote in the Parliament. Will Germany bail out Greece? Italy? If not, what's in store for the US and the global economy?
Segment image: Angela Merkel arrives to speak during debates over the federal budget on September 7, 2011 in Berlin. German Chancellor said, 'Should the Euro fail, then Europe fails.' Photo by Sean Gallup/Getty Images