INTERNATIONAL MONETARY FUND

German Chancellor Angela Merkel and French President Nicolas Sarkozy are backing the candidacy of the head of Switzerland's central bank to lead the Financial Stability Board, a newspaper reported Sunday.

The “B” rating is only a few notches above the current CCC grade on Greece and it still considered “junk” or non-investment grade.

Even as details emerge about a Eurozone deal that would see banks and insurers accept bigger losses on Greek bonds and boost the region's bailout fund, setting up for what could happen across the Atlantic won't be easy for investors.

Berlusconi’s promises have largely been met with derision, skepticism and scorn in Italy.

Stocks surged 3 percent in a broad rally on Thursday as a long-awaited agreement by European leaders to boost the region's bailout fund promised to remove a major headwind for the market.

Stocks rallied in early trading on Thursday after European leaders agreed to boost the region's bailout fund and struck a deal with banks and insurers to accept 50 percent losses on Greek bonds.

The Athens Stock Exchange surged as much as 6 percent in Thursday trading.

Stock index futures rose sharply on Thursday after European leaders agreed to boost the region's bailout fund and struck a deal with private banks and insurers to accept 50 percent losses on Greek bonds.

Stock index futures rose sharply on Thursday after European leaders agreed to boost the region's bailout fund and struck a deal with private banks and insurers to accept 50 percent losses on Greek bonds.

European leaders agreed Thursday morning that banks and other major investors in Greek bonds must take losses of up to 50 percent to prevent a Greek government default. The rescue fund is a response to global pressure to lower Greece's debt burden and attempt to contain the spreading debt contagion that threatens the euro zone.

The dark shadow of German-driven austerity measures squeezing Greece has revived historical enmities and evoked comparisons to the massive destruction of the Mediterranean country at the hands of Nazi Germany nearly 70 years ago.

The Eurozone aims to leverage its 440 billion euro bailout fund, the EFSF, several fold but finance ministers will only agree the details of how that will be done in November, according to a draft statement to be issued after a summit on Wednesday.

In a lengthy statement, the Vatican's Pontifical Council for Justice and Peace called for far-reaching reforms of the global economy to create a system that serves the common good of all nations and economic classes.

The International Monetary Fund told officials of Ghana, Africa's second-largest gold producer, that they should consider hiking taxes on the mining sector to boost revenue.

Mauritania's current economic growth rate is not high enough to significantly dent poverty and the country will next year face the twin challenge of drought and uncertainty over mining revenues, the International Monetary Fund said.

Ghana, Africa's second biggest gold producer, should look at options to increase tax revenues from its mining sector, the International Monetary Fund said on Tuesday.

The International Monetary Fund hailed the medium-term outlook for Ghana's oil-fueled economy as positive on Monday, but warned it would have to rein in public finances to keep the public deficit under control.

China urged the European Union on Monday to deal with its debt crisis as soon as possible and prevent contagion from spreading, as the country's number four-ranked leader arrived for a visit of the continent, including Greece.

China urged the European Union on Monday to deal with its debt crisis as soon as possible and prevent contagion from spreading, as the country's number four-ranked leader arrived for a visit of the continent, including Greece.

France and Germany are close to a deal to leverage the euro zone bailout fund through first loss insurance for the primary bond market and a special purpose vehicle with an EFSF subordinated loan for the secondary market, euro zone officials said.

EU finance ministers outlined a deal on Saturday for recapitalizing European banks, and the leaders of Germany and France said they hoped for a breakthrough in tackling the Eurozone debt crisis at a summit on Wednesday.