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Stocks rallied in early trading on Thursday after European leaders agreed to boost the region's bailout fund and struck a deal with banks and insurers to accept 50 percent losses on Greek bonds.

The Athens Stock Exchange surged as much as 6 percent in Thursday trading.

Stock index futures rose sharply on Thursday after European leaders agreed to boost the region's bailout fund and struck a deal with private banks and insurers to accept 50 percent losses on Greek bonds.

Stock index futures rose sharply on Thursday after European leaders agreed to boost the region's bailout fund and struck a deal with private banks and insurers to accept 50 percent losses on Greek bonds.

Britain will not contribute to a euro zone bailout fund, Chancellor George Osborne said on Thursday following a deal to address the euro zone crisis.

European leaders agreed Thursday morning that banks and other major investors in Greek bonds must take losses of up to 50 percent to prevent a Greek government default. The rescue fund is a response to global pressure to lower Greece's debt burden and attempt to contain the spreading debt contagion that threatens the euro zone.

The dark shadow of German-driven austerity measures squeezing Greece has revived historical enmities and evoked comparisons to the massive destruction of the Mediterranean country at the hands of Nazi Germany nearly 70 years ago.

The euro zone aims to leverage its 440 billion euro (383 billion pound) bailout fund, the EFSF, several fold but finance ministers will only agree the details of how that will be done in November, according to a draft statement to be issued after a summit on Wednesday.

The Eurozone aims to leverage its 440 billion euro bailout fund, the EFSF, several fold but finance ministers will only agree the details of how that will be done in November, according to a draft statement to be issued after a summit on Wednesday.

German Chancellor Angela Merkel said Wednesday European leaders should agree on what would amount to a 50 percent write down of Greek debt from the private sector at a summit to tackle the euro zone debt crisis later.

In a lengthy statement, the Vatican's Pontifical Council for Justice and Peace called for far-reaching reforms of the global economy to create a system that serves the common good of all nations and economic classes.

The International Monetary Fund told officials of Ghana, Africa's second-largest gold producer, that they should consider hiking taxes on the mining sector to boost revenue.

Mauritania's current economic growth rate is not high enough to significantly dent poverty and the country will next year face the twin challenge of drought and uncertainty over mining revenues, the International Monetary Fund said.

Ghana, Africa's second biggest gold producer, should look at options to increase tax revenues from its mining sector, the International Monetary Fund said on Tuesday.

The International Monetary Fund hailed the medium-term outlook for Ghana's oil-fueled economy as positive on Monday, but warned it would have to rein in public finances to keep the public deficit under control.

China urged the European Union on Monday to deal with its debt crisis as soon as possible and prevent contagion from spreading, as the country's number four-ranked leader arrived for a visit of the continent, including Greece.

China urged the European Union on Monday to deal with its debt crisis as soon as possible and prevent contagion from spreading, as the country's number four-ranked leader arrived for a visit of the continent, including Greece.

France and Germany are close to a deal to leverage the euro zone bailout fund through first loss insurance for the primary bond market and a special purpose vehicle with an EFSF subordinated loan for the secondary market, euro zone officials said.

EU finance ministers outlined a deal on Saturday for recapitalizing European banks, and the leaders of Germany and France said they hoped for a breakthrough in tackling the Eurozone debt crisis at a summit on Wednesday.

The Netherlands would support the International Monetary Fund taking on a greater financial role in the euro zone bailout, the Dutch prime minister said Saturday but refused to be drawn on other options being discussed in Brussels.

The United Arab Emirates plans to provide $3 billion in financial aid to Egypt but is still discussing the mechanism to deliver it, a senior UAE official said on Saturday.

The popular uprisings sweeping the Arab world this year have slowed economies across the region, and now jobs, better governance, and investment are needed, speakers at the World Economic Forum in Jordan said Saturday.

The International Monetary Fund is not seeking more funds from Gulf Arab oil exporters to bolster its resources, and the region faces no major danger from the euro zone debt crisis, the IMF's Deputy Managing Director Nemat Shafik said on Saturday.

Banks cannot rely on taxpayers' money to recapitalize themselves, Sweden's Finance Minister said Saturday ahead of a meeting of EU finance ministers that was due to discuss steps to strengthen the European banking system.

Private investors would have to forgive 60 percent of what Greece owes them to make its debt sustainable by 2020 and for a euro zone loan package to stay at the 109 billion euros ($151 billion) agreed in July, a report by international lenders said.

Euro zone finance ministers and the International Monetary Fund have approved the payment of the next tranche of financial support to Greece, a senior euro zone source told Reuters on Friday.

It is the low-income nations in the continent, like Tanzania, which are exhibiting the strongest growth.

European leaders have put off crucial decisions on how to stop a sovereign debt meltdown in their currency zone, keeping markets on edge, to give German Chancellor Angela Merkel time to secure parliamentary support, EU sources said on Friday.

Clashes between rival groups of protesters broke out in front of the Greek parliament on Thursday, interrupting a rally by tens of thousands against a tough new package of austerity measures due to be approved later in the evening.