The euro hovered near 10-month lows on Thursday as a credit downgrade on Portugal added to worries about debt levels in Greece and other parts of Europe, weighing on riskier assets such as shares and commodities.
Greece said on Tuesday it expects a positive outcome at this week's EU summit to its request for a European financial safety net despite Germany's insistence that aid will not be discussed.
* Merkel says no need for EU summit to discuss Greek aid
* Greek PM says EU needs mechanism to deter speculators
* Juncker sees possible twin-track euro zone/IMF support
* Trichet says any help would have to be conditional loan
* Euro falls, Greek risk premium leaps amid uncertainty
The head of the European Commission challenged German Chancellor Angela Merkel to rise above domestic politics and agree on a financial safety net for debt-stricken Greece to help preserve European monetary union.
The president of the European Commission challenged German Chancellor Angela Merkel to rise above domestic politics and agree on a financial safety net for debt-stricken Greece to help preserve European monetary union.
Greece has taken the necessary steps to tackle its fiscal crisis and will not default on its debt obligations, the country's prime minister said on Saturday in a speech to his socialist party's national council.
European Commission President Jose Manuel Barroso urged EU member states on Friday to agree a standby aid package Greece after Athens said it could turn to the IMF for help.
The European Union's monetary affairs chief urged the bloc's leaders on Friday to agree a standby aid package for Greece next week but France and Germany struck different notes and the euro slid.
The European Union's monetary affairs chief urged the bloc's leaders on Friday to agree on a standby aid package for Greece next week after Athens said it could seek IMF help if it gets no firm promise of European aid.
Greece raised the stakes on Thursday in its quest for EU help to tackle its debt crisis, saying it cannot achieve promised deficit cuts if its borrowing costs remain so high and may have to call in the IMF.
Greece raised the stakes on Thursday in its quest for EU help to tackle its debt crisis, warning it cannot achieve promised deficit cuts if its borrowing costs remain so high and may have to call in the IMF.
EU finance ministers backed plans on Tuesday by countries in the euro area to help debt-stricken Greece financially if it becomes the first state in 11 years of monetary union to seek such aid.
European Union finance chiefs failed on Tuesday to resolve a row over new rules to control hedge funds, a spokeswoman for the EU's Spanish presidency said.
EU finance ministers on Tuesday discussed standby plans drawn up by countries using the euro to provide Greece with financial help if it becomes the first state in 11 years of monetary union to seek such aid.
Euro zone finance ministers agreed on Monday on a mechanism that would allow them to help Greece financially if needed, but revealed no details except that it would be without loan guarantees.
U.S. industrial production braked sharply in February, held back by severe winter storms that slammed parts of the country, while manufacturing activity in New York state stalled this month.
Euro zone finance ministers discussed the mechanics of a financial rescue for Greece on Monday but gave few details of their standby planning as Athens tries to fix its public finances alone.
The European Union's executive said on Monday it was ready to propose a framework that could be used to aid Greece, despite signs of continuing reluctance from France and Germany to make concrete commitments.
Euro zone finance ministers on Monday will look at how to give Greece financial aid should it ask for help, but there were signs France and Germany were holding out on making concrete commitments.
Greece should show it has taken steps to get its public finances in order before external help can be given, European Central Bank Governing Council member Ewald Nowotny said in an interview on Austrian television on Sunday.
A European Monetary Fund risks skewing the incentives of debt-ridden euro zone countries thereby endangering the stability of the euro, the head of Ifo think tank told Reuters in an interview.
The German Finance Ministry said on Saturday it was not aware of any agreement by euro zone members to provide a multi-billion euro bailout package for heavily indebted Greece.
