Euro zone launches $650 bn rescue fund as Greece, Spain struggle

LUXEMBOURG: The eurozone unlocked on Monday its 500-billion-euro crisis war chest, the European Stability Mechanism, amid worries over Greece and as Spain agonised over whether to call for a full bailout.

Angela Merkel warns 'time is of essence' on euro crisis

Angela Merkel warned that "time is of the essence" in tackling the eurozone crisis and voiced her support for ECB President Mario Draghi's crisis-fighting strategy.

ECB to hold the line as euro crisis deepens

NEW YORK (CNNMoney) -- As the euro crisis moves toward a decisive moment, the European Central Bank is under renewed pressure to stabilize the troubled currency union.

G8 leaders agree need for growth, stability

G8 host President Barack Obama declared the group "absolutely committed" to growth and fiscal reforms Saturday as leaders of the world's major economies tried to bridge divisions over the eurozone's deepening crisis.