Swiss Re sees 30% risk of Europe, U.S. recession in 2013

LONDON: There is a 30 percent chance of severe recession i n Europe and the United States next year, though moderately rising growth is the likeliest outcome, according to the world's No. 2 reinsurer.

Europe hails outgoing Italian Prime Minister Mario Monti as Italy crisis hits markets

ROME: European partners heaped praise on outgoing Italian Prime Minister Mario Monti on Monday, and called for the next government to stick to his reform agenda after his surprise decision to resign rattled financial markets.

Greece extends buyback offer to reach 30 billion-euro target

ATHENS/BRUSSELS (Reuters) - Greece extended its offer to buy back debt until Tuesday, seeking more bids from bondholders after falling short of a target to retire bonds worth 30 billion euros at a cost of just 10 billion euros.

Spain's Economic Woes Take A Toll On The Media

Three years of euro-zone recession have badly hurt Spain's media sector, where some 8,500 journalists have lost their jobs. Dozens of newspapers have closed and the remaining publications are sharply cutting back as ads plummet.

Italian Bonds Decline as Berlusconi Threatens Government

Italian 10-year government bonds posted their first weekly drop in four after former Premier Silvio Berlusconi threatened to withdraw his party’s support for Prime Minister Mario Monti’s coalition government.