EUROPEAN UNION

The European Union (EU) should not provide a second bailout to Greece because, among other things, by the year 2014, nearly two-thirds of Greek debt will be owned by taxpayers, according to Open Europe.

The Greek parliament has voted favorably on a motion of confidence for the government of George Papandreou, Reuters reports.

Fitch Ratings agency has warned any voluntary rollover by commercial lenders of Greece’s debt would be regarded as a “default,” putting even more pressure on Euro Zone ministers and Greek Prime Minister George Papandreou, who is facing a crucial vote of confidence.

Eurozone will probably cease to exist by 2013, according to a new study published on Monday.

The euro currency in its current form will doomed and the euro zone will collapse, warned former UK foreign secretary and current Labour MP Jack Straw.

Eleven corporations based in the United Kingdom, Iran, Singapore and the United Arab Emirates have been indicted by a Manhattan grand jury on charges they evaded U.S. economic sanctions against Iran by tricking Manhattan banks, Cyrus Vance Jr., the Manhattan District Attorney said this morning.

European Central Bank President Jean-Claude Trichet on Sunday raised concern about widening global imbalances after the financial crisis, calling them one of the main challenges for the global economy.

The ongoing sovereign crisis in the eurozone countries has renewed concerns over the fate of the euro, the second largest reserve currency as well as the second most traded currency in the world.

Jean-Claude Juncker, head of eurozone finance ministers, on Saturday cautioned that the debt crisis of Greece and other countries in the region could hit Italy and Belgium.

The United Nations passed a resolution today condemning discrimination on the basis of sexual orientation, marking the first time the organization has explicitly recognized that form of repression.

Stephanie Caprini traveled to Athens, Greece just days before the recent riots. Upon returning to the States, she regrets that she lacked the cultural awareness that it takes to be present in a city that she now understands she was merely passing through.

The United Nations and European Union are working to push Syrian President Bashar al-Assad to halt violence.

A cultural “war” has erupted between Greece and its neighbor Macedonia over plans to construct a giant bronze statue of Alexander the Great in Skopje, the Macedonian capital.

George Papandreou, the embattled Prime Minister of Greece, has offered to resign to pave the way for a national unity government, according to various sources, as the Athens parliament prepares to enact more unpopular austerity measures.

Public discontent over the Spanish government’s severe austerity program has led to a bizarre spectacle in the northeastern city of Barcelona where at least 2,000 protesters tried to block the Catalan parliament to expression their anger over local budget cuts and job losses.

Demonstrations against a new austerity program were disrupted by clashes between police and protestors

US auto major Ford Motors will invest €812 million, or $1.2 billion, for its plant in the Valencia region of eastern Spain.

The International Monetary Fund (IMF) has short-listed two candidates, Christine Lagarde and Agustin Carstens, for its next Managing Director.

Talks about a second bailout for Greece are getting closer to a conclusion as the European Commission pushes for a voluntary debt swap, media reported.

The new chief executive of bailed out British bank Lloyds Banking Group (NYSE: LYG) is planning to cut another 15,000 jobs, on top of the 28,000 positions the bank has already eliminated since it merged with HBOS in early 2009.

The German government said it supports the Benghazi-based Libyan rebel group, the National Transitional Council, as the legitimate representatives of the Libyan people.