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Talks between Greece and its creditor banks aimed at avoiding a disorderly default broke down on Friday, with Greeks warning of disastrous results if a bond swap deal is not reached soon.

In Greece a blind and unemployed person receives 700 euros ($896) in monthly disability.

Internet domain name regulators on Monday played down fears by the United Nations and other international bodies that a planned expansion of possible Website addresses could cause them problems, saying safeguards were in place.

Germany and France warned Greece on Monday it will get no more bailout funds until it agrees with creditor banks on a bond swap and pressed for an early deal to avert a potential default in the Eurozone's most debt-stricken nation.

German Chancellor Angela Merkel warned Greece on Monday it would not be possible to give further aid without rapid progress on its second rescue package, including a voluntary write-down on Greek debt held by private creditors.

German exports bounced back in November boosting the country's trade surplus, a sign that Europe's largest economy may avoid a sharp slowdown in contrast to France which is expected to have run up a record trade deficit in 2011.

Signs of improvement in the German and U.S. economies helped offset concerns over the prospects for euro zone debt auctions later this week, lifting the single currency and European shares on Monday.

Europe as a whole may avoid a recession this year and there were reasons to be more upbeat about prospects for the region, South Africa's Business Day newspaper quoted International Monetary Fund head Christine Lagarde as saying.

The German and French leaders meet on Monday to discuss ways to boost growth in euro zone states struggling to overcome the sovereign debt crisis and rising unemployment, and finalise a deal to increase fiscal coordination within the currency union.

Hungary is willing to discuss any issues at talks with the International Monetary Fund from which it wants to secure a funding deal, Hungarian Prime Minister Viktor Orban said on Sunday.

Has the U.S. stock market's gyrations left you feeling a little perplexed? Then consider the stocks of large-capitalization companies with demonstrated business models. And here are five.

Fitch Ratings has downgraded the sovereign credit rating of Hungary to “junk” status, making it the third rating agency to do so.

A rating downgrade on Friday left Hungary's debt rated junk across the board, underscoring investors' doubts about the government's willingness to change its controversial policies in return for aid to stave off a financial crisis.

The euro is likely to survive 2012 despite the debt crisis in the euro currency zone, International Monetary Fund Managing Director Christine Lagarde said on Friday.

Byron Wien, vice chairman at Blackstone Advisory Partners issued his list of surprises for 2012 on Wednesday. The tradition of giving his views on a series of economic, financial market and political surprises for the coming year started in 1986.

Greece, deeply mired in its own financial crisis, has been highly dependent on Iranian oil because Teheran has offered debt-ridden nations attractive credit terms.

Dysfunctional politics threatens to deliver a protracted period of slow global growth, possibly lasting well beyond 2012, which will only deepen the political and economic problems for the West.

This year there were several legal cases that tugged on the heart strings of America and those outside the nation. There was public outcry when Casey Anthony was acquitted of the murder of her 2-year-old daughter, Caylee. Don't forget the Jerry Sandusky-Penn State scandal and disgraced public figures such as Rod Blagojevich and Dominque Strauss-Kahn.

The year 2011 was the year of the protester. What will 2012 bring?

Jamaica's opposition People's National Party (PNP) secured an upsetting 41- to 22-seat victory over the Jamaica Labor Party (JLP) in Thursday's general elections, dispelling polls that had claimed the election would have been too close to call.

Opinion polls suggest that JLP and PNP are running neck-and- neck.

The U.S. Treasury again shied away from labeling China a currency manipulator on Tuesday, but it rapped the country for not moving fast enough on exchange rate reforms.

While the threat of credit rating downgrades hangs over Europe, a few big emerging market economies are on the upswing.

While the threat of credit rating downgrades hangs over Europe, a few big emerging market economies are on the upswing.

The Egyptian economy, battered after months of uncertainty and violence that has followed the political upheaval in that country, is hovering dangerously close to crisis status.

In a sign that Canada's resistance to paying into an IMF bailout fund for Europe might be fading, Finance Minister Jim Flaherty said on Thursday the idea would be generally supported if all the Group of 20 nations agreed to pay in more.

The outlook for Europe looks gloomy especially after the European Central Bank (ECB) warning that risks to euro area financial stability increased considerably in the second half of 2011, as the sovereign risk crisis and its interplay with the banking sector worsened in an environment of weakening macroeconomic growth prospects.

Asian stocks and the euro edged up on Tuesday, but sentiment remained fragile on concerns that efforts to contain the euro zone debt crisis were faltering and tougher rules to strengthen banks' capital would further undermine their profits.

Despite vast oil reserves, Nigeria has been plagued by poor infrastructure, decades of official corruption and mismanagement of its economy.