The highest court in Germany delivered a political blow to German Chancellor Angela Merkel and her plans to keep decisions about further European bailouts on the equivalent of a parliamentary fast lane Tuesday.
Germany's Constitutional Court ruled Tuesday that a parliamentary panel formed to approve urgent action by the euro zone bailout fund is in large part unconstitutional. The decision could hamper efforts to tackle the European debt crisis.
Germany, the chancellor says, is willing to put €11 billion ($14.7 billion) into the euro zone's main bailout fund this year and next -- as long as its currency partners do the same.
Almost two-thirds of the German public is against the bailout.
Stock index futures fell on Monday in low volume following the S&P 500's four-year closing high last week and after the Group of 20 leading economies told Europe it must commit more money to fight the EU debt crisis before seeking broader help.
Leading economies told Europe it must put up extra money to fight its debt crisis if it wants more help from the rest of the world, piling pressure on Germany to drop its opposition to a bigger European bailout fund.
Stock index futures fell Monday in low volume following the S&P 500's four-year closing high last week and after the Group of 20 leading economies told Europe it must commit more money to fight the EU debt crisis before seeking broader help.
A suicide car bomber killed at least nine people in an attack on a military airport in Jalalabad, eastern Afghanistan on Monday in the latest act of violence and protests since copies of the Quran were burned at a NATO base last week. While there was no official indication Monday's bombing was linked to the protests and riots, the Taliban quickly claimed responsibility for the attack as revenge for the Quran-burning.
The euro gained broadly Monday as signs of fresh steps from the Group of 20 major economies to contain the euro zone debt crisis boosted sentiment, but higher oil prices hurt Asian stocks.
The German government will decide whether to boost the European bailout fund in March and its parliament is very likely to support any decision for more resources, Finance Minister Wolfgang Schaeuble said on Saturday at a meeting of finance officials from the Group of 20 economic powers.
Germany is easing its opposition to a bigger European bailout fund, officials said, smoothing the way for the world's leading economies to secure nearly $2 trillion in firepower to prevent more fallout from the euro-zone's sovereign-debt crisis.
Saudi Arabia has raised crude exports and the United States is considering releasing oil from its Strategic Petroleum Reserve as crude-oil prices hit nine-month highs on Friday and concerns deepened over Iran's nuclear program.
Leaders in the euro zone may not be able to meet international demands to bolster their own funds for bailing out the bloc's debtors when they meet next week because Germany is showing no sign of dropping its opposition to the plan, officials in the euro zone said.
A solid U.S. candidate to head the World Bank would be good for the United States and the bank because the world's largest economy should be represented in top international bodies, outgoing President Robert Zoellick said on Saturday, while emphasizing he has no role in the selection process.
World economic powers at a Group of 20 gathering in Mexico City told Europe on Friday it would have to do more to fight its financial crisis before they agree to provide backup in the form of a bigger International Monetary Fund war chest.
Afghan protests over the burning of Qurans on a U.S. military base left 12 dead, making Friday the bloodiest day of demonstrations so far. Around 4000 protestors marched on the governor of Khost's compound, while in Nangarhar province thousands more chanted Death to America.
TORONTO, Feb. 23 -- Muslim countries are overthrowing fundamentalist rulers and the United States could have a Mormon presidential candidate as religion keeps a firm, inevitable foot in politics.
Greece took its first step toward reaping urgently needed funds agreed in a 130-billion-euro rescue package Thursday as its parliament endorsed a bond swap for private holders of its debt.
Three economic reports lit a fire Thursday under global markets, sending U.S. stocks and many commodities higher. The S&P 500 stock index briefly topped its April 2011 peak of 1,363.61.
Only 8.6% of Greeks hold a favorable view of Germans.
Greece's parliament endorsed a debt swap with private bondholders on Thursday that forms the core of its 130-billion-euro bailout, despite new protests against tough budget cuts demanded in return for the rescue deal.
Greece's parliament endorsed a debt swap with private bondholders on Thursday that forms the core of its 130-billion-euro bailout, despite new protests against tough budget cuts demanded in return for the rescue deal.
