In Portugal, rescue teams continue to look for people still missing after severe flooding and landslides that killed at least 42 people over the weekend on the island of Madeira, where the government announced three days of mourning. Torrential rains destroyed buildings and took out bridges. Our German partner Deutsche Welle reports on the devastation.
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Lawmakers in Portugal today defeated a plan to cut government spending, adding to fears that financial crisis will spread across the region. Daljit Dhaliwal spoke with Marcus Mabry, international business editor of The New York Times, about a potential European financial meltdown.
Today there was another reminder of just how fragile the world economy remains. The budget deficits of Greece, Portugal and Spain -- nations that use the Euro -- exceed 8 percent of GDP and could impact the economic fortunes of countries far from Southern Europe. These governments risk defaulting on their debts by failing to control spending.