A German official says Greece should temporarily cede sovereignty over tax and spending decisions to a powerful eurozone budget commissioner to secure further bailouts.
The official said Saturday the proposal is being discussed among the 17-nation currency bloc's finance ministers because Greece has repeatedly failed to fulfill its commitments under its current €110 billion ($145 billion) lifeline. Read More
European financial chiefs are trying to soothe global CEOs and political leaders, insisting they have a handle on the eurozone's troubles.
Germany's Finance Minister Wolfgang Schaeuble says he's "quite optimistic" about a Greek debt restructuring deal, despite recent strains in the complex talks. He says he doesn't expect Greece to default.
He stressed that recent developments in markets have been "positive" for Italy and Spain. Read More
International debt inspectors arrived in Athens on Friday to assess whether Greece is doing enough to get crucial bailout cash, while talks with private creditors continued on a bond swap deal needed to avoid default. Read More
French President Nicolas Sarkozy has bluntly declared that a harsh downgrade by Standard & Poor's of France's formerly top-tier debt rating "changes nothing" for the eurozone's No. 2 economy.
Sarkozy suggested that a solid market showing for a French debt auction Monday and a reaffirmation from rival ratings agency Moody's of France's triple-A sovereign debt offset the much-ballyhooed S&P downgrade. Read More
French President Nicolas Sarkozy on Monday shrugged off his country's loss of its prized triple A rating for its debt in his first public comments on last week's downgrade. Read More
Portugal's recession will deepen this year under the weight of austerity measures meant to reduce public debt, the bailed-out country's central bank predicted Tuesday.
Portugal is trying to free itself from a huge debt burden that forced it to ask for a €78 billion ($100 billion) financial rescue package last year to avoid bankruptcy. Read More
Fireworks glittered and boomed Sunday as revelers in Australia and Asia welcomed 2012 and others around the world looked forward to bidding adieu to a year marred by natural disasters and economic turmoil. Read More
With glittering fireworks and star-studded celebrations from New Zealand to Times Square, the world eagerly welcomed a new year and hoped for a better future Saturday, saying goodbye to a year of hurricanes, tsunamis and economic turmoil that many would rather forget. Read More
In a likely preview of the general-election argument to come, Vice President Joe Biden and GOP presidential candidate Mitt Romney traded barbs Friday over whose economic policies are best for the country. Biden said Romney's would leave most people behind while the Republican said Biden and President Barack Obama live in "fantasyland" for thinking their policies are helping. Read More
Europe's conservative political leaders on Thursday warned of dire consequences if an 11th-hour EU summit failed to save the euro from the crush of crippling state debts.
With the 17-nation eurozone's fate hanging in the balance, German Chancellor Angela Merkel and French President Nicolas Sarkozy told a gathering of the center-right European People's Party that they needed to agree to tougher rules on national budgets. Read More