Whether Abenomics succeeds or fails, Japan's government must ultimately reckon with its years of deficit spending and mountainous debt.

NPR: Japan Gyrations Underline Economy's Vulnerability

The fact is, to pay for this excessive spending and mountainous debt, taxes would have to be raised on the middle class as well.

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The near-term measures that need to be approved by the summit are no secret: reduce Greece's mountainous debt, recapitalise vulnerable banks and create a credible firewall to protect endangered but still-solvent countries like Spain and Italy.

ECONOMIST: Charlemagne

In a soft-spoken but fiercely candid way, he talks about the city's seemingly insurmountable problems--high crime and unemployment, miserable schools, government cronyism, urban blight, a continuing brain drain, relentless push-back against painful cuts and, above all, the debt, the mountainous debt.

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SMALL, mountainous and debt-laden, Ecuador does not often rock global financial markets.

ECONOMIST: A default to order?