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Papademos sworn in as Greek Prime Minister (VIDEO)

Papademos and his ministers were sworn in by the president and the head of the Orthodox church. At the ceremony, Orthodox priests, who were led by the Archbishop of Athens, also blessed the new prime minister

Europe and the markets say TGIF!!

Greeks have a new government, Berlusconi is expected to go this weekend ... but the euro zone crisis is far from over
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Mario Monti, probable replacement for Silvio Berlusconi as Italian Prime Minister, arrives for Friday's vote in the italian Senate on an austerity package. (ANDREAS SOLARO/AFP/Getty Images)

At the end of the worst week for Europe politically and economically since the fall of the Berlin Wall here's where we are:

Greece's new Prime Minister Loukas Papademos was sworn in and the new PM pledged Greece would do everything required to stay within the euro

Italy's Senate voted through a package of austerity measures the first step in paving the way for Silvio Berlusconi to resign.


Germany, France "discussing EU overhaul"

French President Nicolas Sarkozy spoke of a “two-speed Europe” model for the future, in which the euro zone would advance more rapidly than the other 27 countries in the EU.

Europe: can anyone save it from itself?

As Italian bond yields reach unsustainable highs and world markets begin to fall, Europe faces the worst crisis of leadership since August 1914. And we all know how that turned out.
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A statue to one of the fallen of World War I. Are today's European leaders as inept in guiding the continent through troubled times as those in charge in August 1914? (Peter Macdiarmid/AFP/Getty Images)

A snapshot of a moment in history:

November 10, 2011.  Global stock markets are falling. The yield on Italian bonds continues to rise.

A German newspaper reports that Chancellor Angela Merkel is going to float the idea of re-writing the rules governing the euro zone at her Christian Democratic Union party meeting next week. At present there is no mechanism for countries inside the euro to leave.

Merkel reportedly wants a new treaty provision that defines the ways in which a nation can leave - or be asked to leave - if it doesn't meet the basic conditions of euro zone membership. You want to know the basic conditions?: an annual budget deficit no higher than 3 percent of GDP and a national debt lower than 60 percent of GDP.  Italy's debt is currently 120% of GDP. Got the picture?


Greece’s new government: Why it won’t matter

ATHENS — Desperation is growing as Greece finally forms a new government. But Greeks see little difference between the candidates. 

IMF chief warns Europe could push world economy into "lost decade"

Lagarde called on richer nations to make it their mission to restore confidence and growth, and she urged Beijing to rebalance its economy.

What would happen if Greece leaves the euro zone?

LONDON — Governments and businesses are starting to make plans for how to manage Greece's departure from the euro.

Lessons from the life of Joe Frazier for Europe's leaders

Decency and honor and courage: if only Europe's leaders had a fraction of what Smokin' Joe had.
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Joe Frazier, an old warrior, at his gym in Philadelphia in 2009 (AFP/Getty Images)
Europe's leaders could learn something from the life of Smokin' Joe Frazier

EU finance ministers meet to discuss Greece and Italy

Questions hover over the meeting, not least, what can be done to shore up the European Financial Stability Fund, the "Big Bazooka" that was supposed to defend Italy and Spain from the bond vigilantes? It looks like the Bazooka has no ammo
Silvio Berlusconi waves hello at last week's G-20 summit. Everyone in Italy and the rest of Europe wants to know: When will you wave good bye?!?! (Pool/AFP/Getty Images)

Questions, Questions, Questions:

The Finance Ministers gathering in Brussels are surrounded by uncertainty.  What about Greece?  When will the new government take over?


Greek Prime Minister Papandreou survives critical confidence vote

ATHENS — The prime minister pledges to form a new unity government, regardless of whether he leads it.
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