Italy, Spain Face Budget Scrutiny as Euro Ministers Meet

Italy and Spain will defend their 2014 spending plans at a meeting of euro-area finance ministers today, risking a clash over economic frailties that could undermine efforts to pull the currency bloc out of a debt crisis now in its fifth year.

Portugal warns of deficit target miss

LISBON: Portugal may request a third revision to deficit targets agreed with EU-IMF creditors as part of its 78-billion euro international bailout, Prime Minster Pedro Passos Coelho warned Friday.

ECB sees gloomy 2013, but holds rates

The European Central Bank slashed its growth and inflation forecasts for 2013, raising the prospect of a further easing in monetary policy next year, after it kept interest rates on hold Thursday.

G20 finance chiefs to begin talks to tackle eurozone crisis

MEXICO CITY: G20 finance chiefs begin Sunday two days of talks aimed at quelling fears of a global economic downturn amid a persistent eurozone debt crisis and a looming fiscal crunch in the United States.

Global financial risks have increased, says IMF

Risks to global financial stability have increased in the past six months despite efforts by policymakers to make the financial system safer, according to the International Monetary Fund.

ECB's Mario Draghi defends euro rescue measures

BRUSSELS: European Central Bank chief Mario Draghi defended on Monday controversial measures taken to tame the eurozone debt crisis, including buying up government bonds, European MPs said.

Europe's top banks feel pain from debt crisis; Q2 profits plunge

FRANKFURT: Europe's biggest banks on Tuesday took massive hits on their second-quarter profits as the eurozone debt crisis slices into earnings and adds to the pressure to boost their capital defences.

IMF Gets $456 Bln. Boost To Fight Crisis

(RTTNews.com) - The International Monetary Fund added $456 billion to its war chest as 12 more nations, including the BRICS, pledged new money to protect the global economy from the impact of the Eurozone debt crisis at the ongoing G20 meeting in Los Cabos, Mexico.

Spain relieved, angry over humiliating bank rescue

MADRID (AP) — Spain's grinding economic misery will get worse this year, despite the country's request for a European financial lifeline of up to €100 billion ($125 billion) to save its banks, Prime Minister Mariano Rajoy said Sunday.

Eurozone set-up unsustainable, says Draghi

European Central Bank (ECB) president Mario Draghi says that eurozone leaders must decide what they want the bloc to look like in the future, because the current set-up is "unsustainable".

Catalonia calls for help from central government to pay debts

European stock markets tumbled and Spain's borrowing costs shot up as the country's wealthiest autonomous region, Catalonia, called for assistance from central government to pay its bills.

ECB official calls for urgent financial overhaul

FRANKFURT, Germany (AP) — A top European Central Bank official says the 17 countries that use the euro need an "urgent overhaul" of their banking and financial system to deal with the debt crisis, including a multinational authority with the power to restructure and bail out banks.

IMF warns against big bank deleveraging in Europe

WASHINGTON: Growing pressure on European banks to clean up their books could deeply impact economic growth in the eurozone, the International Monetary Fund warned Wednesday.

UBS profits slump on weak business

Profits UBS have slumped by 76% in its latest quarterly results.

Unicredit shares fall on rights issue concerns

Italian bank Unicredit fell sharply on the Milan stock exchange after it announced the details of a 7.5bn euro ($9.8bn; £6.3bn) sale of new shares.

Economy boosted by narrowing trade deficit

The U.S. economy, which has been picking up steam recently, got another boost from the latest trade numbers.

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.