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Berlusconi is facing a mountain of opposition to his reforms.

Stocks retreated on Friday after two days of gains as wealthier nations appeared to pull back from a European Union plan to broaden funding for a plan to deal with the region's sovereign debt crisis.

Here's the full text of the final communique issued at the Group of 20 summit in Cannes, France.

The Eurozone won verbal support but no new money at a G20 summit on Friday for its tortured efforts to overcome a sovereign debt crisis, while Italy was effectively placed under IMF supervision.

The Irish Republic will also shut down its embassies in Iran and East Timor.

Italy will allow the IMF to monitor its progress with long overdue reforms of pensions, labor markets and privatizations, European leaders announced on Friday, looking beyond the crisis in Greece to the far graver threat to the euro zone.

Jose Manuel Barroso, the president of the European Commission (EC), nonetheless told reporters in Cannes that Berlusconi was not forced into it.

Stocks were set to drop at the open on Friday, and a mixed report on the U.S. labor market could make trading volatile.

The uncertain outcome of Greece's sovereign debt crisis and its implications for Europe's economy kept U.S. stock futures mixed on Friday, with indexes little changed following two days of steep gains.

Italy, under fierce pressure from financial markets and European peers, has agreed to have the IMF and the EU monitor its progress with long- delayed reforms of pensions, labor markets and privatization, senior EU sources said Friday.

The IMF said on Thursday it backs the European Central Bank's interest rate cut and its aid to Greece is tied to the country, rather than a specific government, and would continue as long as its terms were met.

Our Greek friends must decide whether they want to continue the journey with us,” Sarkozy said.

Cannes is the incongruously glamorous backdrop for a meeting designed to desperately find a solution to Europe’s greatest crisis in more than 70 years.

Cannes, the beach resort in the south of France, is the ideal locale for the G-20 economic summit.

Stocks pared gains and the Nasdaq Composite hit a session low in afternoon trading on Wednesday after a source said the European Union and International Monetary Fund will not release an 8 billion euro payment to Greece until after its planned referendum.

This means that an eight billion euro ($11 billion) payment will be in limbo until after the referendum vote – which isn't even scheduled to be held until December.

Underscoring the magnitude of the crisis, a virtual who’s-who of European political and financial elite will also join the emergency summit,

DXK is based on Strauss-Kahn's hotel maid scandal

Congolese state mining firm Gecamines has refused a request from the mines ministry to publish all revised contracts, saying it cannot do so without the permission of firms involved, according to a letter from Gecamines published on the ministry website.

Kenya's central bank bared its teeth against stubbornly high inflation on Tuesday with a record rate rise that is seen supporting the shilling, boosting appetite for long-term bonds and helping secure the approval of extra funds from the IMF.

Congolese state mining firm Gecamines has refused a request from the mines ministry to publish all revised contracts, saying it cannot do so without the permission of firms involved, according to a letter from Gecamines published on the ministry website.

The International Monetary Fund on Monday trimmed its 2011 growth outlook for Kenya on Monday and backed further funds to boost the country's foreign exchange reserves to help tackle a widening balance of payments gap.

The International Monetary Fund said on Sunday that it was considering how better to help countries under economic strain because of financial market stress but said it was not targeting particular countries.

German Chancellor Angela Merkel and French President Nicolas Sarkozy are backing the candidacy of the head of Switzerland's central bank to lead the Financial Stability Board, a newspaper reported Sunday.

The “B” rating is only a few notches above the current CCC grade on Greece and it still considered “junk” or non-investment grade.

The head of Europe's bailout fund sought financial support from China on Friday to help resolve the bloc's debt crisis, saying that while no quick deal was in sight he was still confident Beijing would keep buying bonds issued by his fund.

The head of Europe's 440 billion euro bailout fund played down hopes of a quick deal with China to throw its support behind efforts to resolve the bloc's debt crisis but said he expects Beijing to continue to buy bonds issued by the fund.

Even as details emerge about a Eurozone deal that would see banks and insurers accept bigger losses on Greek bonds and boost the region's bailout fund, setting up for what could happen across the Atlantic won't be easy for investors.

Berlusconi’s promises have largely been met with derision, skepticism and scorn in Italy.