European Central Bank

Greece isn't going to rebound anytime soon, and Europe about to rapidly propel itself out of its mild recession either. But obsession with the Mediterranean's economic basket case has caused many investors to miss strong overseas gains. Here are three companies leading the charge.

The Atlantic Ocean is wide, but maybe not wide enough. On Thursday, markets had a mixed reaction to the deepening economic crisis in Europe. Some sources reported that the European Central Bank would step in. But in the U.S., small business owners are growing nervous.

The news across the financial world is good for unions, which will find organizing a bit easier; adequate for Greece, which will find getting bailed out a bit easier, and bitter for JPMorgan which had to accept a $153.6 million SEC fine for misleading investors about a mortgage securities transaction.

The European debt crisis is back: Portugal is in political turmoil, and may need a major bailout, and Spain may too. But the E.U.'s strong healthy are rebelling against propping up their weaker neighbors. The real issue, though, is that the E.U. hasn't yet addressed the fundamental flaw built into it at the euro's creation.

One would think that with the Mideast crisis, oil prices skyrocketing and U.S. manufacturing rebounding smartly, the buck would be flying high. But no. Why that's so may lie in international perceptions about where interest rates are heading.

While most analysts don't expect a major departure from the December Fed meeting, the voting lineup has changed substantially. Now, Chairman Bernanke has to deal with three new members of the rate-setting committee who have expressed reservations about quantitative easing.

World markets got a boost this week from Japan's pledge to help overly indebted EU nations. What's behind Japan's move? Sure, the spirit of global cooperation is part of it. But much more significant is Tokyo's need to keep pace with Beijing in the influence game.

Simply put, the losses Irish taxpayers will be forced to cover are larger than the nation's economy can support, even with the promised bailout. The EU and Irish political leadership's attempts to put a brave face on the crisis is no match for this crippling burden.

The notion that the EU could issue a eurozone-wide bond is probably the most sweeping proposal yet to relieve country debt problems. But the ad hoc measures Europe has been taking to put out fires are likely to remain the status quo. One big reason: Germany.

Ireland will probably take a "very substantial" loan worth tens of billions of euros, the country's central bank governor said. EU and IMF officials arrived in Dublin today for negotiations. "I think this is the way forward. Market conditions have not allowed us to go ahead without seeking the...