EU summit to focus on growth, jobs

European Union (EU) leaders are scheduled to meet in Brussels Thursday and Friday to iron out measures to promote growth and create jobs in Europe which is still mired in the debt crisis.

UN report warns of second recession on EU, US conditions

The United Nations has lowered global economic growth forecast for the coming two years even as it warned of a new global recession due to the US fiscal cliff situation and EU debt crisis.

PM leaves for G-20, Rio+20 summits

Singh will attend the seventh summit of the Group of 20 developed and developing countries(G-20) starting in the Mexican resort town of Los Cabos on June 18 and the Rio+20 Summit in Rio De Janeiro.

G20 tells European nations to reassess funding needs

Without making any firm commitment to bailout debt ridden European countries, the G20 Ministers have asked euro-zone nations to reassess the funding needs by March so that a decision could be taken regarding the quantum of support that can be provided by the IMF.

Eurozone needs package to tackle debt crisis: Pranab

Against the backdrop of G20 finance ministers meet to discuss global situation, India on Friday said the eurozone will have to come out with a package to resolve its sovereign debt problem, which is also impacting developing countries.

China says ready to help solve EU debt crisis

China's Premier Wen Jiabao Tuesday said his country was ready to increase its participation in efforts to resolve Europe's debt crisis, after holding talks with EU leaders in Beijing.

Spain says deficit bigger than expected, hikes taxes

Spain's new government said on Friday that this year's budget deficit would be much larger than expected and announced a slew of surprise tax hikes and wage freezes that could drag the country back to the centre of the euro zone debt crisis.

UK could further complicate new Europe crisis deal

The British government was weighing today how strongly to oppose a new European pact -- meant to ease the euro crisis -- that it had refused to join but which could clash with the existing EU treaty.

EU membership is vital to Britain: Cameron

Prime Minister David Cameron defended his decision to break with European partners by vetoing a change to the EU treaty, insisting on Monday that remaining a member of the 27-nation bloc was in Britain's national interest.

UK Treasury chief defends Cameron's EU treaty veto

Britain's Treasury chief defended Prime Minister David Cameron's decision to veto changes to the European Union treaty, saying today the move protected UK economic interests.

Hungary aiming for 10-15 billion euro IMF-EU deal: Analysts

Hungary's government is aiming for a 10-15 billion euro package from the International Monetary Fund and the European Union to stabilize its economy, preferably with lighter terms, but would be also willing to accept a stricter deal, bank analysts said.

Worries grow over IMF loans to Europe

The prospect of European heavyweights like Italy or Spain turning to the IMF for rescue loans is worrying the United States and other nations that fear they could suffer losses on funds they have extended to the IMF.

Sarkozy meets Cameron on EU debt crisis

President Nicolas Sarkozy held emergency talks on Friday with British Prime Minister David Cameron as France and Germany try to drum up support for a new EU treaty to enforce budget discipline.

Obama tells EU to take decisive action on debt

President Barack Obama pressed European Union officials on Monday to act quickly and decisively to resolve their sovereign debt crisis, which the White House said was weighing on the US economy.

No request from IMF for bailing out EU nations: FinMin

The Finance Ministry on Friday said India has not received any request for assistance from International Monetary Fund (IMF) for bailout European nations from debt crisis.

EU finance ministers break no new ground on debt crisis

EU finance ministers broke no new ground in dealing with the euro zone debt crisis in discussions over the weekend, instead absorbing some ideas and rejecting others and taking stock of progress on agreed steps.

Geithner presses EU to act; meets resistance

Treasury Secretary Timothy Geithner drew a cool response from EU policymakers when he urged them to leverage their bailout fund to better tackle the debt crisis and to start speaking with one voice.

‘Chinese economy facing challenges amid US, EU debt crisis’

Analysts have warned that China's economic development is facing challenges amid worldwide financial uncertainties in the wake of debt default risk by some economies, including the United Sates and the European Union.