IMF chief Christine Lagarde urges further debt reduction from leading economies

BERLIN: The head of the International Monetary Fund says the world's leading economies must continue to cut government spending despite an overall situation of only "tepid growth."

Greece says EU and IMF lenders refuse to concede on reforms

ATHENS: Greece's foreign lenders have refused to make any further concessions on changes to labour laws contested by a junior coalition partner, the country's finance minister said on Sunday, prolonging an impasse on a crucial austerity package.

ECB's Draghi backs Schaeuble's "currency commissioner": Spiegel

(Reuters) - European Central Bank Chief Mario Draghi has thrown his weight behind a proposal by German Finance Minister Wolfgang Schaeuble to radically expand the powers of the European Union's monetary affairs commissioner.

Hungary government to take on $2.8 billion of municipal debt

BUDAPEST (Reuters) - Hungary's government will take over 612 billion forints ($2.8 billion) of local government debt in a bid to give debt-laden municipalities a fresh start, Prime Minister Viktor Orban said on Saturday.

Spain jobless rate hits new high in third quarter

About a quarter of working-age people in recession-hit Spain are unemployed, new figures have shown.

Eurozone business activity hits fresh low

Business activity in the eurozone contracted at its fastest pace in almost three-and-a-half years in October, a survey suggests.

UK wellbeing still below financial crisis levels

A mix of deep recession and high inflation has left national wellbeing in Britain more than 13% down on its level before the global financial crisis, according to new government data.

EU to propose bank resolution agency in 2013: Barnier

(Reuters) - The European Commission will make a proposal next year for a joint agency for shoring up or closing troubled banks, Michel Barnier, the commissioner in charge of financial regulation, said on Monday.

European Countries Slashed Deficits in 2011, Data Show

PARIS — European countries sharply reduced their deficits last year, official data showed Monday, even as their overall debt grew as governments pushed ahead with austerity measures in the face of the euro crisis.

Angela Merkel's toughest political ally turns milder on Greece

MUNICH: German Chancellor Angela Merkel appears to have convinced the toughest audience in her political camp that Greece should be given the benefit of the doubt, and possibly more time to meet its painful savings targets.

Euro Zone Aid? Ask for the Bill in German

Germany's economy has defied gravity month after month, recording growth when many of the country's euro zone peers were struggling to avoid or emerge from recession, but even the so-called "engine" of Europe is now succumbing to the crisis.

Hungary Assails EU Over Budget Changes

BUDAPEST—Hungary's economy minister slammed the European Union Wednesday for forcing a significant toughening of the country's 2013 budget because of doubts that earlier deficit targets can be met.

German government cuts 2013 growth forecast

BERLIN (AP) — Europe's debt crisis and waning economic growth around the world, particularly in emerging markets, prompted the German government to cut its forecast for growth next year.

Austerity has hurt UK growth, says OBR

Austerity measures may have damaged growth in the British economy more than originally assumed, said the Office for Budget Responsibility (OBR), the government’s independent economic forecasting body.

Debt cuts only way to sustainable growth: Germany

BANGKOK: Slashing government debt is the only way to put Europe back on a path of sustainable economic growth, German Finance Minister Wolfgang Schaeuble said on Monday.

IMF chief urges action in tackling euro crisis

TOKYO (AP) — The head of the International Monetary Fund on Thursday called for urgent action to tackle Europe's debt problems and an approaching fiscal crisis in the U.S., warning that the struggling world economy is already falling short of even pessimistic expectations.

Germany in 'great danger' of falling into recession

Germany is in "great danger" of plunging into recession, four respected think tanks have warned, as they slashed the country's 2013 growth forecasts in half.

Polish PM seeks course through economic storm

WARSAW (Reuters) - Polish Prime Minister Donald Tusk will try to persuade voters on Friday he is the best man to deal with an economic slowdown that has made one of eastern Europe's most stable governments look suddenly vulnerable.

Spain to miss deficit targets in 2012 and 2013; debt to cross 90 pc of GDP: IMF

MADRID: Spain will miss its deficit targets in 2012 and 2013 and its debt will jump to more than 90 percent of gross domestic product next year as it recapitalises its banking sector, the IMF said on Tuesday.

UK PM will not soften austerity despite IMF growth cut

BIRMINGHAM, England (Reuters) - British Prime Minister David Cameron said on Tuesday he would not soften his austerity program with a "Plan B" of slower spending cuts after the International Monetary Fund downgraded its growth forecasts for Britain.

Swiss Economy Unlikely To Slip Into Recession - UBS's Weber

The Swiss economy is unlikely to slip into a recession with gross domestic product probably moving sideways in coming months, UBS AG (UBS) Chairman Axel Weber said Friday.

Greece will run out of money at the end of November: Prime Minister Antonis Samaras

BERLIN: Greece will run out of money at the end of November if it doesn't receive the next planned installment of its bailout loans, the country's prime minister has said.

French Economy Stagnates as State Spending Prevents Recession

The French economy will fail to grow in the second half, extending stagnation to five quarters, national statistics office Insee predicted yesterday.

Debt crisis: Spain's forecasts are 'optimistic', says Governor of the Bank of Spain

The Governor of the Bank of Spain warned that Madrid’s financial forecasts are “optimistic” adding to the mounting pressure on Mariano Rajoy from European Central Bank and the International Monetary Fund.

Portugal announces higher taxes as strike is called

Portugal has announced several new austerity measures, which were met with a call for a huge strike next month.

Spain's PM says bailout not imminent

Spain's prime minister, Mariano Rajoy, has ruled out a multi-billion euro bailout before this weekend, despite the worsening economic situation and pleas from Madrid's neighbours for a resolution to the current crisis.

Greek Budget Predicts Economy Will Shrink for Sixth Year

Greece’s economy will contract for a sixth year in 2013 as the government prepares further cuts to pensions, wages and social benefits to meet the terms of its bailout packages.

Spain borrowing needs rise on banks, regions; debt-to-GDP ratio to rise to 90.5 pc in 2013 vs 85.3 pc in 2012

MADRID: Spain's borrowing needs will rise in 2013 from this year as the government pours cash into its battered banking system and its cash strapped regions, the detailed budget document showed on Saturday.