Europe: Debt crisis 1, G-20 zero

The debt crisis in Europe continues to hang over the global economy after a summit of world leaders last week failed to produce any tangible new solutions.

The Group of 20 summit in Cannes, France, ended with broad promises from global heads of state to support economic growth and create jobs.

But the closed-door talks yielded scant details on the comprehensive plan the European Union agreed to on Oct. 27.

"Things are likely to get worse before they get better," said Mohamed El-Erian, chief executive of the giant bond fund Pimco, in an interview with CNNMoney's Poppy Harlow.

The Oct. 27 plan includes a series of measures to address the crisis, including debt relief for Greece, new capital requirements for banks and plans to build a financial "firewall" around vulnerable euro area economies. Read more at CNNMoney