The Greek cabinet was expected to outline major public sector layoffs, more spending cuts and tax increases on Wednesday to secure a bailout installment crucial to avoid running out of money next month.
Brown explained that the financial woes in Europe are, at their essence, a crisis in banking, not debt.
US Equity markets advanced modestly as concerns over the European debt crisis overshadowed international central banks efforts to stabilize the European monetary system.
Gold and other precious metals jumped Friday on bargain hunting and a loss of faith that global central bankers will be able to contain Europe's sovereign debt crisis to Greece.
At a meeting with E.U. finance ministers, U.S. Treasury Secretary Timothy Geithner made the case for a leveraged E.U. buyout fund ala the U.S.'s successful 2008 TALF, to help address Europe’s banking crisis, but the structure and size of any beefed-up intervention mechanism remained undetermined as of Friday night in Europe.
Geithner is currently in Warsaw, Poland to meet with Eurozone finance ministers to find a way out of the continent’s huge debt problems after more than two years of bailouts, wrecked economies and bickering.
World shares rose half a percent to one-week highs on Friday while the euro clung to gains from the previous session on hopes that European policymakers would finally come up with a bold plan to combat a deepening debt crisis.
Treasury Secretary Timothy Geithner will discuss with European finance ministers the possibility of leveraging the euro zone's bailout fund to make it more effective in fighting the debt crisis.
The Italian parliament gave final approval on Wednesday to a much-altered austerity plan aimed at stemming a debt crisis engulfing the euro zone's third largest economy.
With her new drama In Darkness Agnieszka Holland has returned to her native Poland to produce a haunting portrait of the Holocaust that could net the veteran director another Oscar nod.
U.S. Treasury Secretary Timothy Geithner said Wednesday the global financial crisis, which has experienced two stages, is not likely to see a third -- as least not one emanating from Europe's banking sector.
Silver prices fell in electronic trading Tuesday afternoon following a big 2.4 percent gain during floor trading as the possibility that Europe's industrial activity will plunge took some shine off the white metal.
Gold prices rose Tuesday on global concern about the future of the euro zone, the continent's currency and the fragile state of worldwide economic growth.
U.S. investors remained concerned that Europe's leaders are not getting ahead of the Greek crisis, which could result in a full-fledged Europe bank crisis, even as German Chancellor Angela Merkel, while not committing more German funds to possible intervention, again dismissed talk of a Greek default.
Prospects for job seekers are gloomier in most major economies than they were three months ago, as weak U.S. and European economies begin to affect employers' confidence in other parts of the world, according to a quarterly hiring survey by ManpowerGroup.
Growing fears of a Greek default sent a hurricane through heavily exposed French banks on Monday and hit the euro as investor confidence in the European currency area's ability to surmount a sovereign debt crisis ebbed.
Is Osama bin Laden really dead? That's what the young lady asked me.She knew I am a journalist, not quick to buy suspicious facts peddled as such, but not quick to buy into conspiracy theories, either -- like the one that Osama bin Laden's death at the hands of U.S. military was faked.
It's an underground prison in the compound of the presidential palace.
[Romania] has no information whatsoever showing that there existed secret CIA detention centers on its territory, the Foreign Ministry stated, responding to allegations that the country hosted secret black sites, where terror suspects were tortured.
England trudged to a 1-0 win against Wales at Wembley, leaving them within a point of qualifying for the European Championships 2012.
The Council of Europe's Human Rights Commissioner Thomas Hammarberg demands that European governments come clean about hiding the CIA's secret prisons.
Vandals defaced a monument to victims of a World War Two pogrom against Jews in Poland, covering it with racist inscriptions and swastikas in green paint, police said on Thursday.