Eurozone leaders sign up to budget controls

European leaders agreed on a permanent rescue fund for the eurozone, and 25 out of 27 EU states backed a fiscal pact for stricter budget discipline in the eurozone, while a deal on Greek debt is expected in "days".

Greece and the euro

THE banners at the entrance to the Bank of Greece museum in Athens promise a “fascinating journey through Greece’s modern economic and monetary history”.

Euro-Zone Crisis Continues To Drive Global Credit Outlook

LONDON -- Fitch Ratings said Thursday that negative rating outlooks on global corporates are rising as an effect of the intensification of the euro-zone crisis in the second half of 2011.

Swedish Opposition Rejects EU Pact

STOCKHOLM—Sweden's largest opposition party has come out against signing up to the latest version of the European Union's fiscal pact, suggesting Prime Minister Fredrik Reinfeldt's minority government is facing a struggle if it wants to win enough lawmaker support for the country to join.

IMF slashes world growth outlook as euro zone weighs

WASHINGTON — The euro zone debt crisis is escalating and dragging down the world economy, the International Monetary Fund said on Tuesday, as it sharply cut its outlook for global growth and called for policies to restore confidence.

Hungary PM backs down, seeks fast aid deal

(Reuters) - Hungarian Prime Minister Viktor Orban gave the first concrete evidence on Friday that he is backing down in a dispute with the European Union, aiming to free up talks on aid needed to prop up its battered financial markets.

Europe’s ESM Foresees Bond Clauses, IMF Restructuring Standards

Jan. 20 (Bloomberg) -- Europe’s planned permanent rescue fund may require clauses in new bond issues that would leave the door open for debt restructurings, while deeming writeoffs “exceptional” and subject to International Monetary Fund standards, according to a draft text.

Relief in Spain, tension in Greece for euro zone

(Reuters) - The embattled euro zone cleared a major funding test on Thursday when Spain romped through a key bond sale, while signs pointed to only a mild recession for the 17-nation bloc.

UK faces request for £19bn as IMF boosts bailout fund to $1tn

The government has said it will demand improvements in European Union efforts to sort out its currency before it can agree to an imminent request from the International Monetary Fund for extra UK funds that is likely to be as high as £19bn.

Exodus of Workers From Continent Reverses Old Patterns

Soon after Spain's real-estate bust put Andrés Velarde and María Palencia out of work, the young architects gathered their drafting materials and moved 5,000 miles to Brazil—drawn by a hope, but no promise, of employment.

Germany rejects rescue fund boost, Greece under pressure

(Reuters) - Germany, the only major euro zone member to retain a top-notch credit rating, refused on Monday to consider boosting the bloc's rescue fund, while Greece was under pressure to urgently break a deadlock in debt swap talks if it is to avoid an unruly default.

Euro crisis deepens as ratings agency strikes

The eurozone economy plunged back into crisis as France and Austria were stripped of their top triple-A credit ratings and Standard and Poor's downgraded a swathe of debt-laden EU members.

Economy’s Crisis Respite Gives ECB Room to Pause Rate Cuts

Jan. 12 (Bloomberg) -- The European economy may be winning some respite from its sovereign debt crisis.

Mafia now "Italy's No.1 bank" as crisis bites: report

ROME (Reuters) - Organized crime has tightened its grip on the Italian economy during the economic crisis, making the Mafia the country's biggest "bank" and squeezing the life out of thousands of small firms, according to a report on Tuesday.

Analysis: For euro zone, the heat is on again

BERLIN (Reuters) - The euro zone crisis seemed to vanish from the headlines for a brief moment as 2011 ticked over into 2012, but it is about to return with a vengeance.

European crisis more dangerous than 2008 financial crisis: George Soros

BANGALORE: Europe's debt crisis is more dangerous than the 2008 global financial crisis, billionaire investor George Soros said.

UK’s Cameron vows to block EU-wide financial tax

Britain is once again on a collision course with its EU partners France and Germany.

Eurozone unemployment stays at record high

Unemployment in the eurozone stayed at a record high in November as the impact of the sovereign debt crisis rumbled on, according to official figures.

Iran nuclear crisis: EU moves towards crude oil ban

EU member states have agreed in principle to ban imports of Iranian crude oil to put pressure on the country over its nuclear programme.

Greece: Clinch bailout or face euro exit

(Reuters) - Greece will have to leave the euro zone if it fails to clinch a deal on a second, 130 billion euro bailout with its international lenders, a government spokesman said on Tuesday.

Dollar Falls as Signs of Manufacturing Growth Damp Safety Demand

Jan. 3 (Bloomberg) -- The dollar fell the most in two weeks against the euro as signs that manufacturing is expanding in the U.S. and China damped demand for haven assets.

Spain public deficit may top 8 percent: minister

MADRID (Reuters) - Spain's public deficit for 2011 may be higherthan the 8 percent of GDP forecast by the new government, the economy minister said Monday, fuelling fears the country faces a prolonged period of tight budgets and economic contraction.

Euro’s First Back-to-Back Losses Since 2001 Cap Debt-Crisis Year

Dec. 31 (Bloomberg) -- The euro had a second consecutive annual loss against the dollar for the first time in a decade as rising yields on the region’s sovereign debt reflected speculation about defaults and stalling economic growth.