Any thoughts that the ongoing European debt crisis might have been contained to the continent’s borders are beginning to fade. The issue now has created a credit crunch for companies across the world, and predictions are that the global economy will suffer. The Organization for Economic Cooperation downgraded its projections for growth in the U.S. economy’ Moody’s Investors Service also suggested Monday that mass downgrades of European government debt are possible if the credit issue is not quickly resolved.

Read the full story here.