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The Panhellenic Socialist Movement, or Pasok, will vote Sunday on a replacement for party leader George Papandreou, the former prime minister. Venizelos is the only candidate.

Italy fell into recession in 2011, according to data released Monday, as its debt crisis and austerity measures combined to slow growth for two consecutive quarters

Finance ministers from euro zone nations are meeting in Brussels on Monday to discuss their likely final approval of a second package of rescue loans for Greece.

Greek Finance Minister Evangelos Venizelos will run unopposed for the leadership of the Socialists, party officials said Sunday, as the political focus shifts towards a parliamentary election now that Athens has secured a bond swap deal.

Former IMF chief Dominique Strauss-Kahn had to be whisked away in a police car to escape the wrath of women's rights activists after a speech engagement at the Cambridge University.

The International Swaps and Derivatives Association decided Friday that Greece’s debt swap was a restructuring credit event. Its decision triggers payouts on almost $3.2 billion of credit default swaps -- insurance-like contracts aimed at protecting creditors from loss.

The French president's hopeful comments came as Germany's finance minister warned against overreacting to the deal, saying Greece must use its sovereign debt lifeline wisely.

Greek officials say the deal eases their country's debt burden by €105 billion. Next up: Action by the European Union to determine if Athens will get emergency loans to help avert a default.

The result should clear the way for the European Union and International Monetary Fund to release a 130 billion euro bailout package agreed with Greece in February.

The inflation rate of China reduced sharply to 3.2 percent for February, which is a 20 month low, according to data released on Friday, showing signs that the price pressure is gradually diminishing.

Greece closed a bond swap offer to private creditors on Thursday after clearing the minimum threshold of acceptance to push the deal through, moving closer to unlocking funds it needs to avoid a dangerous debt default.

Greece moved closer to wrapping up its bond swap with private investors on Thursday, indicating that it had already cleared a vital threshold needed to pass a deal which will hand bondholders steep cuts in the value of their investments.

Greece had until Thursday afternoon to persuade at least 70 percent of private holders of its government debt to accept a swap that includes losses of up to 74 percent.

Greece moved closer on Thursday to concluding a bond swap deal with private creditors that it desperately needs to stave off a messy default and buy time to repair its exhausted economy.

Greek tourism revenues could drop by up to five percent in 2012 due to a fall in pre-bookings from Germany, industry officials said Wednesday, denting hopes the key sector will help pull the country out of the Eurozone financial crisis.

The European Commission may on Wednesday tell Hungary it still has concerns over disputed laws, potentially further delaying new talks on an aid deal needed to keep the country solvent.

Despite a slowing growth rate in 2011, Brazil's economy overtook the United Kingdom to become the sixth biggest in the world.

A growing economy, a historically innovative banking sector and a large expatriate population looking for a trusted envoy to handle their money back home have all combined to make Bangladeshi banks amongst the fastest growing companies in the world.

Myanmar will begin a managed float of its currency in the fiscal year starting in April and wants to develop an interbank money market to end a black-market currency system that critics say deters investment and abets kleptocracy.

Asian stock markets declined Monday as concerns over the impact of a slowing Chinese economy and tough speech by U.S. President Barack Obama over Iran nuclear program weighed on the sentiment.

China will target for an economic growth of 7.5 percent in 2012 according to state-of-the-nation speech that Premier Wen Jiabao delivered at the annual meeting of the National People’s Congress in Beijing Monday.

Moody's Investors Service on Friday cut the credit ratings of Greece, saying that the recently announced debt-exchange proposals for the country imply expected losses to investors of more than 70 percent.

A renewed drop in housing prices could thwart the U.S. economic recovery in the short term while Washington's lack of a credible, comprehensive fiscal plan poses a major medium-term risk, a top IMF official said.

Despite agreeing to the new European Union fiscal stability pact, Spain has autonomously decided to defy the established deficit target. Spain will not reach the previously set deficit target of 4.4 percent of gross domestic product (GDP) and instead opts for more flexibility, setting a new target of 5.8 percent of GDP.

The U.S. economic recovery could be dented by a renewed drop in housing prices in the short term and the country lacks a credible, comprehensive fiscal plan, posing a major medium-term economic risk, a top IMF official said.

The U.S. economic recovery could be dented by a renewed drop in housing prices in the short term and the country lacks a credible, comprehensive fiscal plan, posing a major medium-term economic risk, a top IMF official said.

Spain defied the European Union on Friday, setting a 2012 deficit target at 5.8 percent of gross domestic product, a far softer goal than the 4.4 percent agreed with Brussels.

Comments made by Saudi Arabia, that its promises of financial aid to Egypt have been held back by the latter, are at odds with earlier remarks from the Egyptian Prime Minister, which lambasted foreign donors for failing to honor their pledges, according to a report.

The probability of a sharp global slowdown has eased due to recent policy measures adopted in the euro zone to tackle its debt crisis, the International Monetary Fund said on Thursday, but it warned risks to world growth remain squarely to the downside.