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Public services have been halted including trains, ferries and flights have been disrupted by the protests in Athens on Wednesday morning.

Growth in eastern Europe should accelerate only slightly this year as domestic demand recovers, but trouble in the euro zone periphery, wide budget deficits and inflation pressures still pose risks, the IMF said on Thursday.

Greek police clashed with stone-hurling youths and thousands protested against austerity in Athens on Wednesday as EU and IMF envoys began talks with the government on stepping up fiscal reforms.

Greece has been brought to a standstill by a massive strike called by labor unions to protest to government’s austerity programs.

Senior EU and IMF inspectors arrived in Athens on Wednesday to press Greece to shore up its finances, while workers walked off the job to protest against austerity-induced recession.

Greece is nearing agreement for supplemental EU/IMF loans of 50 to 60 billion euros to cover its funding gap in 2012 and 2013 in exchange for bold privatizations, Greek newspapers reported on Wednesday.

Greek labor unions, students and others are planning massive a nationwide rally and general strike for tomorrow to protest the government’s austerity budget and deep spending cuts, as well as the imposition of European Union (EU) and International Monetary Fund (IMF) onto the country’s affairs.

Greece denied a report on Tuesday it was discussing a new 60 billion euros bailout with international lenders and its borrowing costs rose amid fears it may have to restructure its debt without further EU help.

Spot Gold prices rose for the second day running in London on Tuesday, reclaiming half of last week's 7% drop from the all-time Dollar high as world stock markets rallied again with commodity prices.

Greece said it was discussing with its euro zone partners ways to plug a 27 billion euro ($39 billion) funding hole next year as a fresh credit rating cut on Monday made its return to markets even more difficult.

The British Chancellor of the Exchequer George Osborne has warned that Greece may need additional bailout funding, but that the U.K. is unlikely to contribute to any such payouts.

Portugal signed up to a tough but fair 78-billion-euro international bailout plan on Thursday which will send it into recession for two years with a recovery only likely in 2013, European Union and IMF officials said.

Portugal's caretaker government signed up to a 78 billion euro EU/IMF bailout on Thursday, warning its terms would push it into recession this year and next.

The Portuguese will likely descend into a deep recession over the next two years, after Lisbon country signed terms of a bailout from the European Union, warned the country’s finance minister.

Portugal's two key opposition parties signaled after meeting European and IMF officials that they will back a 78-billion-euro bailout that is expected to consign the economy to two years of recession.

Irish Prime Minister Enda Kenny said on Wednesday he would press for lower interest rates for Dublin's EU/IMF bailout but insisted higher corporate taxes would not be part of any such deal.

Irish Prime Minister Enda Kenny said on Wednesday he would press for lower interest rates for Dublin's EU/IMF bailout but insisted higher corporate taxes would not be part of any such deal.

Portugal's two key opposition parties signaled after meeting European and IMF officials on Wednesday they will back a 78-billion-euro bailout that is expected to consign the economy to two years of recession.

Portugal's main opposition party met European and IMF officials on Wednesday and said they would consider whether to back a 78-billion-euro bailout after a source said the terms would propel the economy into two years of recession.

Conditions attached to a 78 billion euros bailout of Portugal's debt-ridden economy are likely to propel it into a deep recession for two years, an official source said on Wednesday.

Portugal reached a deal with the European Union and the IMF Tuesday on a 78 billion euro 3-year bailout, the third euro zone member to do so after Greece and Ireland, caretaker Prime Minister Jose Socrates said.

Portugal has agreed a three-year, 78-billion-euro ($116 billion) bailout with the European Union and IMF, caretaker Prime Minister Jose Socrates said on Tuesday.

Portugal is close to reaching an agreement with the European Union and IMF on a bailout for the debt-laden country and there are no disagreements between the donors, the European Commission and the IMF said on Tuesday.

Portugal has reached a deal on a three year bailout loan with the European Union and IMF, caretaker Prime Minister Jose Socrates said on Tuesday.

Greek Finance Minister George Papaconstantinou suggested on Monday that the EU and the IMF give Greece more time to repay its bailout funds, and at a cheaper rate, to allow it to exit its severe debt crisis.

The International Monetary Fund (IMF) that robust economic growth in the Asia-Pacific region may lead to overheating and rising inflationary pressures.

Portugal may get more leeway on its efforts to reduce the budget deficit under an EU/IMF bailout, a newspaper reported on Wednesday, after the prime minister vowed to protect the country from excessive austerity.

Mexico's peso may dip against the dollar once the United States starts tightening monetary policy but the overall impact on Mexico should be limited, Finance Minister Ernesto Cordero said on Sunday.

The euro has decoupled from the euro zone peripheral debt crisis in 2011.