Today's crisis is less about fiscal profligacy than about investors' fears for the euro's sustainability and their flight from peripheral assets.

ECONOMIST: The EU summit

This is the legacy that many people now blame for a good part of California's fiscal crisis.

ECONOMIST: California's prison-guards' union

Forget the European debt crisis, America's fiscal wrangling, and Apple's recent stumbles - no matter what happens in 2013, the stock market is going up.

BBC: Business