Stocks edged lower on Monday as investors found little reason to extend a five-week rally on lingering uncertainty over whether Greece would accept the terms of a bailout.
A failure on the part of Greece's politicians to agree on an austerity framework rippled through the currency markets of London, the government halls of Budapest and the pits of the New York Stock Exchange Monday morning. The nonevent was only the headline occurrence in a morning that was also filled with contradictory, and at times despondent, statements out of Athens.
Greece let yet another deadline slip on Monday for responding to painful terms for a new EU/IMF bailout, as German Chancellor Angela Merkel made clear Europe's patience is wearing thin over drawn-out negotiations among its feuding political leaders.
Greece's coalition parties must tell the European Union on Monday whether they accept the painful terms of a new bailout deal as EU patience wears thin with political dithering in Athens over implementing reforms.
Greece's coalition parties must tell the European Union by Monday whether they accept the painful terms of a new bailout deal as EU patience wears thin with political dithering in Athens over implementing reforms.
Greece's prime minister scrambled Sunday to convince lenders and politicians to sign off on a 130 billion euro rescue, after his finance minister said just hours remained to clinch a deal to avoid a messy default.
Euro zone finance ministers told Greece it could not go ahead with an agreed deal to restructure privately held debt until it guaranteed to implement reforms to secure a second financing package from the euro zone and the IMF.
Greek Prime Minister Lucas Papademos faces the critical task of convincing international lenders and political-party leaders on Sunday to agree to the stringent terms of a 130 billion euro ($171 billion) rescue plan to stave off looming default.
On Feb. 4, Turkish tweeters flooded the site with declarations of love for Korean Pop (KPop) music and the words Turkey Wants KPop, while all-American pop star Katy Perry received a significantly slower trickle of tweets from her Turkish fans.
With worries growing over computer hacking, data theft and the risk of digital attacks destroying essential systems, western states and their allies are co-operating closer than ever on cyber security.
Greece's government on Saturday struggled on in talks with lenders to secure a 130 billion euro ($171 bilion) bailout before turning to the trickier task of persuading political leaders to back the unpopular reforms involved in the rescue.
Hungary is seeking an international credit line of 15 billion to 20 billion euros ($20 billion to $26.3 billion), the secretary of state heading the prime minister's office, Mihaly Varga, was quoted on Saturday as saying.
Gold prices Thursday extended last month's rally after positive manufacturing from China to the Europe to the U.S. and Greece appeared close to a settlement with its creditors.
Greece's prime minister is seeking backing from the country's political leaders for more austerity measures, with the International Monetary Fund warning that long-term commitment to reforms is key to securing a new bailout.
A senior International Monetary Fund official said on Monday that China was taking steps to reduce property bubble risks and said it has room to add fiscal stimulus if conditions worsen.
Chancellor Angela Merkel cemented her political ascendancy in Europe Monday when 25 out of 27 EU states agreed to a German-inspired pact for stricter budget discipline, even as they struggled to rekindle growth from the ashes of austerity.
Ratings agency Standard & Poor's warned Monday that it may downgrade "a number of highly rated" Group of 20 countries in 2015 if their governments fail to enact reforms to curb rising health-care spending and other costs related to aging populations.
Portugal's slide towards becoming the next Greece - needing a second bailout to avoid bankruptcy - accelerated on Monday as untrusting underwriters hiked the cost of insuring Lisbon's bonds to new highs and insisted it be paid up front.
EU leaders will sign off on a permanent rescue fund for the euro zone at a summit on Monday and are expected to agree on a balanced budget rule in national legislation, with unresolved problems in Greece casting a shadow on the discussions.
Delivery trucks wear out, computers break down, software becomes outdated -- and finally businesses have to start investing in new equipment. Companies that want to remain competitive have to start spending again as an economy slowly recovers.
Greece must surrender control of its budget policy to outside institutions if it cannot implement reforms attached to euro zone rescue measures, the German economy minister was quoted as saying on Sunday.
Chancellor Angela Merkel attempts to deflect growing international pressure on Germany to agree an increase in the Eurozone's bailout funds Sunday by saying talks were continuing.
