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.
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.
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.
International Monetary Fund chief Christine Lagarde has joined a growing panoply of Western luminaries and celebrities such as Bill Gates and actress Emma Watson on China's most popular microblogging platform, Weibo -- and received a warm response.
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.
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.
With Silvio Berlusconi's fate resting on a group of party rebels threatening to pull the rug from under his government next week, the Italian prime minister is using carrot and stick to try to win over the doubters and pull off yet another parliamentary escape.
Asian shares struggled and credit markets weakened Monday, with investors still nervous despite the agreement on formation of a new Greek unity government intent on avoiding imminent debt default.
The European Union turned up the heat on bickering Greek politicians Sunday to agree on a crisis coalition, demanding progress toward backing an international bailout deal in the next 24 hours.
Europe has a new informal leadership directorate intent on finding a solution to the euro zone's debt crisis, but it has yet to prove its ability to come up with a lasting formula.
Greece's ruling socialists and opposition conservatives offered rival plans for saving the nation from bankruptcy and safeguarding its Eurozone membership, ignoring an appeal from the president to cooperate now on tackling the mess.
Berlusconi is facing a mountain of opposition to his reforms.
Here's the full text of the final communique issued at the Group of 20 summit in Cannes, France.
The Eurozone won verbal support but no new money at a G20 summit on Friday for its tortured efforts to overcome a sovereign debt crisis, while Italy was effectively placed under IMF supervision.
The Irish Republic will also shut down its embassies in Iran and East Timor.
Jose Manuel Barroso, the president of the European Commission (EC), nonetheless told reporters in Cannes that Berlusconi was not forced into it.
Private sector activity in the euro zone shrank at its fastest pace in 28 months in October as the debt crisis sapped new business and soured sentiment in an economy looking like it is heading into a slump, survey data showed on Friday.
World stocks and the euro rose on Friday, boosted by expectations that Greece will avoid a referendum on a new bailout package, easing imminent concerns of a Greek default and its potential shockwaves through the euro zone.
Italy, under fierce pressure from financial markets and European peers, has agreed to have the IMF and the EU monitor its progress with long- delayed reforms of pensions, labor markets and privatization, senior EU sources said Friday.
