EUROPEAN UNION

Greek political leaders were scrambling Wednesday to agree on new prime minister to lead the country back from the brink of bankruptcy, after a plan to name a former European Central Bank official appeared to fall apart.

Political changes at the top of two of the euro zone's most troublesome economies boosted world stocks on Wednesday as investors bet that new brooms may help ease the currency bloc's debt crisis.

Italian Prime Minister Silvio Berlusconi pledged to step down after Parliament approves austerity measures.

European shares looked set to follow Asian equities higher Wednesday and the euro steadied after Italian Prime Minister Silvio Berlusconi said he would resign, raising hopes the debt-ridden country would proceed with reforms that may keep Europe's debt crisis from spreading.

The head of the International Monetary Fund warned on Wednesday that Europe's debt crisis risked plunging the global economy into a lost decade and said it was up to rich nations to shoulder the burden of restoring growth and confidence.

I believe that we are now close to an agreement with [the opposition party] New Democracy, Papandreou said during a Cabinet meeting

International Business Times spoke to a Greek native for her personal view on the crisis.

Stocks were set for a higher open on Tuesday as Italian lawmakers prepared for a crucial vote on public finances that marks the latest turn in the long-simmering euro zone debt crisis.

Financial markets held their breath on Tuesday as Italian Prime Minister Silvio Berlusconi's reform-shy government teetered on the brink and debt-crippled Greece's leaders struggled to put together a national unity government.

Greek party leaders were struggling Tuesday to agree on a new prime minister, under pressure from the European Union to push through a bailout to save the country's finances and end the chaos threatening the euro.

Societe Generale , France's second-biggest listed bankon, scrapped its 2011 dividend on Tuesday to help bolster capital when reporting quarterly profit fell sharply, hit by charges including Greek debt writedowns.

Asian shares wiped earlier gains and fell anew Tuesday, weighed by concerns that surging bond yields could stifle debt-ridden Italy's fund-raising ability and throw the euro zone deeper into financial turmoil, while Greece struggled to pick a new leader.

Asian shares rose Tuesday, but gains were capped by concerns that surging bond yields could stifle debt-ridden Italy's fund-raising ability and throw the euro zone deeper into financial turmoil, while Greece struggled to pick a new leader.

Italian government bond yields soared to near 15-year highs, putting the Eurozone's third largest economy front and center of the region's debt crisis, despite scrambling efforts by policymakers to stem the growing contagion.

Nicaraguan President Daniel Ortega won re-election by a huge margin on Sunday, beating the conservative Fabio Gadea with 62 percent of the total votes after 86 percent of polling stations reported results.

European Central Bank policymaker Juergen Stark sees the euro zone crisis over in the next year or so as politicians have started to realize the need for painful action.

Airlines such as Delta, JetBlue and United Continental have begun offering more flights to Cuba through licensed charter companies.

The Republic of Georgia's President, Mikheil Saakashvili, vowed to transform the small resort town of Batumi into the nation's economic and cultural powerhouse. Stephen Robert Morse traveled to Batumi to investigate Saakashvili's progress.

Gold and silver mining company stocks got a boost Monday from the rising price of their metals and a global resurgence of safe-haven investing.

Venizelos, a long-time rival of Papandreou, is believed to covet the job of Prime Minister.

Euro zone governments rushed to placate feverish bond markets on Monday as the 17-nation currency bloc's debt crisis threatened to accelerate out of control.