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The US Federal Reserve has joined forces with other world banks to help dig European countries out of their current financial crisis. Eurozone banks could face major losses if heavily indebted nations default on their loans. The Federal Reserve is teaming up with the Bank of England, the Bank of Japan, and the Swiss National Bank in a pre-emptive strike to fight off another potential global economic collapse.

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The US may be facing a financial crisis, but the same can’t be said for American President Barack Obama! Between April and June he’s raised a record-smashing $86 million for his 2012 election campaign. That number dwarfs all Republican candidates and exceeds his quarterly target figure by twenty million. To date, over 550,000 people have donated to the cause.

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Greek Prime Minister George Papandreou went before Parliament and more or less begged his citizens to accept the government’s proposed austerity measures. They include steep tax hikes, spending cuts, and privatization plans. Greece is in the middle of a horrible financial crisis that could see the country go bankrupt, which would be, according to Papandreou, “catastrophic.”

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