France confirms to cut spending for first time since 1958

PARIS: French government spending will fall next year for the first time since 1958, Prime Minister Jean-Marc Ayrault said Tuesday, as the country begins shifting the austerity effort away from tax hikes.

Spain cuts growth forecasts but says no need for 'major reforms'

The eurozone’s fourth-largest economy had previously forecast that growth would fall by 0.5pc this year.

Greek recession worse than forecast next year

ATHENS: The Greek recession will be even worse than expected next year, according to a draft budget tabled in parliament on Wednesday.

Greece says wins more time from creditors but no deal confirmed

ATHENS: Greece's finance minister announced Wednesday he had agreed on a new austerity package with its international creditors and won more time to fix the debt-crippled nation's finances -- but the European Central Bank insisted there was no deal yet.

Spain will not seek bailout if new conditions: EU source

Spain will not seek eurozone financial aid beyond an agreed rescue for its banks if more conditions than those already agreed for recapitalising lenders are attached, an EU source said Tuesday.