European Stocks Surge as Leaders Boost Efforts to Contain Crisis

European stocks surged, rebounding from their biggest selloff in two months, amid speculation policy makers are intensifying efforts to contain the debt crisis. U.S. index futures and Asian shares also rallied.

Citi, Genworth lead financial sector rally

NEW YORK (MarketWatch) — U.S. financial stocks rallied almost 4% in early Monday trade as investors cheered early strong consumer spending for the holiday season and reports that politicians are close to a decision on how to support the European economy.

Euro "Stability Union" could be achieved fast: Schaeuble

BERLIN (Reuters) - Euro zone countries could create a Stability Union to secure deeper fiscal integration relatively quickly, German Finance Minister Wolfgang Schaeuble said on Sunday.

Moody’s junks Hungary

Hungary has joined Portugal in the credit junkyard after Moody’s downgraded its foreign and local currency bonds to Ba1 from Baa3, ending 15 years of investment status.

Exclusive: Euro zone may drop bondholder losses from ESM bailout

BRUSSELS (Reuters) - Euro zone states may ditch plans to impose losses on private bondholders should countries need to restructure their debt under a new bailout fund due to launch in mid-2013, four EU officials told Reuters on Friday.

Direct tax collection poor at 40%, may add to slipping fiscal deficit target

NEW DELHI: The government's fiscal deficit target seems to be in fresh danger, with direct tax collections which contribute more than half of the central government's revenue being only 40% of the set target in the last eight months.

Wall Street tumbles more than 2% on Europe, recession worries

NEW YORK: US stocks tumbled on Monday, with the Dow turning negative for the year, as concerns about heavy debt loads both in the United States and Europe heightened worry about recession and increased volatility.

European Financial Crisis Occupies Voters' Thoughts as Spain Prepares to Vote

Spain looks to be on track to get a new prime minister today amid growing concerns the financial crisis in Europe will soon prove overwhelming for that nation as well. The country is currently led by Prime Minister Jose Luis Rodriguez Zapatero, who announced in April he would not seek a third term in office.

EU settles for 2% budget increase

The European Union has been forced to accept a 2% rise in its budget next year - much less than the increase it wanted of around 5%.

European financial crisis: A growing gap between France and Germany

ROME — Even as Europe’s debt crisis sharply escalates, the region’s two largest economies, Germany and France, appear increasingly divided over how and whether to deploy large-scale financial firepower to calm nervous markets.

Analysis: Puzzle over euro's "mysterious" stability

LONDON (Reuters) - As the euro crisis intensifies to the point of investors openly contemplating a fracturing of the single currency, perhaps the most puzzling performance all year has been the stability of the euro exchange rate itself.

‘Enough’s Enough’ on Undervalued Yuan: Obama

President Barack Obama kept up his pressure on China's foreign-exhange policy and trade practices, saying “enough’s enough” on what the U.S. views as a too-slow appreciation of the yuan.

Analysis: Chinese financial help could carry risk for Europe

HONG KONG (Reuters) - As a cash-strapped Europe scrambles to woo China's support for a financial rescue package, human rights groups and dissidents are warning that in taking such help, the West will sacrifice some leverage over China.

Geithner Says Europe Must ‘Move Quickly’

U.S Treasury Secretary Timothy F. Geithner said Europe remains the “central challenge” to global growth and must “move quickly” to restore financial stability.

EU determined to ensure eurozone financial stability

ZURICH: The European Union is "resolutely determined" to ensure the financial stability of the eurozone, the bloc's President Herman Van Rompuy said Wednesday.

Global Liquidity Is Having a Major Impact on Financial Stability and Economic Growth, Says Bank of Canada Governor Mark Carney

LONDON , United Kingdom , Nov. 8, 2011 /CNW/ - Large, abrupt fluctuations in global liquidity are having a major impact on global financial stability and economic growth, Bank of Canada Governor Mark Carney said today in a speech to the Canada-United Kingdom Chamber of Commerce. "Over the medium term, the continuation of such extreme liquidity cycles could ultimately threaten open capital markets and a free trading system if not better addressed," he warned.

Italian crisis: Silvio Berlusconi faces calls to resign

Italian PM Silvio Berlusconi is facing growing calls for his resignation, after apparently losing his majority in the lower house of parliament.

Regulators Name 29 Banks Critical to Global Stability

Global regulators on Friday named 29 banks so important to the world’s financial system that they require more capital and closer surveillance than rivals, plus a detailed plan to allow them to be wound down without taxpayer help if they hit trouble.

Italy Agrees to Allow I.M.F. to Monitor Its Progress on Debt

Acceding to pressure from European leaders, Italy “invited” the International Monetary Fund to look over its shoulder to ensure that Rome is carrying out reforms devised to keep the country from succumbing to Europe’s widening sovereign debt crisis, European Union officials said Friday.In an extraordinary move, Italy said it had offered to allow the fund to scrutinize its books every three months to make sure a $75 billion austerity package is carried out according to plan.

Canada's Banks Welcome Carney Appointment to Head Financial Stability Board

Canadian Bankers Association (CBA) President Terry Campbell today congratulated Bank of Canada Governor Mark Carney on his appointment as Chair of the Financial Stability Board (FSB).

Greece debate takes center stage at G20

Greece was the main topic of conversation here Wednesday after a surprise move by Prime Minister George Papandreou that called into question the latest effort to resolve Europe's debt crisis.

Greece to hold referendum on EU aid package

The European debt-relief plan, agreed to last week, has been thrown into doubt as Greece now says it will hold a referendum on whether to approve it.

Debt crisis not over says Trichet

Outgoing president of the European Central Bank (ECB) Jean-Claude Trichet has warned the eurozone debt crisis is "not over".