Recession-hit Spain holds huge Christmas lottery

MADRID (AP) — Champagne corks popped around Spain on Sunday as jubilant winners celebrated scooping up prizes in the country's famed Christmas lottery, the world's richest.

EU loses AAA rating in S&P downgrade

Credit rating agency Standard & Poor's incited the ire of European Union officials on Friday when it snatched away the region's top AAA rating, citing tensions between member states and a deterioration in their overall financial health.

EU Parliament head Martin Schulz warns of tough talks on banking union

BRUSSELS: European Parliament head Martin Schulz warned Thursday that EU leaders face "very long negotiations" with lawmakers over a new bank regulatory system which many of them believe falls well short of what it should be.

France on edge of return to recession, increasing pressure on Hollande

François Hollande's beleaguered socialist government was under increased pressure to boost the eurozone's second largest economy after a collapse in manufacturing orders tonight left it on the cusp of another recession.

Euro-Area Factory Output Expands Faster Than Forecast: Economy

Euro-area factory output grew at a faster pace than economists forecast in December, led by Germany, as the currency bloc continued its gradual recovery from a record-long recession.