EU budget summit ends without deal

The Brussels summit has ended without agreement on the 27-strong union's next seven-year budget.

Euro-Area Services, Manufacturing Contract for 10th Month

Euro-area services and manufacturing output shrank for a 10th month in November as the debt crisis hurt confidence, underscoring divergences in the global economy as China’s factories showed the first growth in more than a year.

France is Downgraded, Europe Goes 'From Bad to Worse'

It was bad news for France, but probably worse news for France’s neighbors: Late on Nov. 19, Moody’s Investors Service (MCO)stripped Paris of its AAA bond rating.

Greece Pushes Through Last Minute Reforms

ATHENS--Greece used special powers to pass a law introducing reforms demanded by international creditors in exchange for the country's next aid tranche in time for Tuesday's Eurogroup meeting.

Moody's Says Euro Crisis May Lurch Back into Shock

Moody's Investors Service said Friday the period of calm experienced in Europe in the past six months will come to an end without progress on area-wide reforms, potentially leading Spain and Italy losing bond market access at a time of sizeable refinancing needs.