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The euro zone needs a comprehensive solution to the debt crisis rocking the group and must avoid a country-by-country approach, the head of the International Monetary Fund said on Tuesday.

On an interview today with CNBC, famed investor and hedge fund manager Jim Rogers said some European countries should be allowed to go bankrupt so that they can restructure their debt without hurting other parties.

The Irish government has presented what is likely the toughest austerity budget in its history, comprising spending cuts of 6-billion euros ($8-billion) and an increase in taxes, in addition to other measures already outlines last month in the so-called “National Recovery Plan.”

The Irish government urged parliament on Tuesday to approve a tough 2011 austerity budget which foresees 6 billion euros in savings and must win passage for the country to receive emergency loans from the EU and IMF.

The Irish government unveiled a tough 2011 budget on Tuesday which foresees 6 billion euros in spending cuts and tax hikes, warning that passage was crucial to avert a deeper crisis and free u p EU/IMF aid.

Irish people braced for tough cutbacks and higher taxes on Tuesday as the government readied a new austerity budget to shrink a soaring deficit and win access to emergency loans from the EU and the IMF.

The United States is expected to see weak employment prospects though employers expect the modest hiring pace to continue in the first three months of the year, a survey reported.

Ireland's deeply unpopular government will unveil a record austerity budget on Tuesday, inflicting more pain on voters to bring down a soaring deficit and win quick access to emergency loans from the EU and IMF.

Tension on European bond markets was undiminished on Tuesday after German and fellow euro zone states resisted IMF calls to do more to quell the currency bloc's debt crisis.

European Union finance ministers meet on Tuesday to discuss the EU economy with markets expected to react nervously to Monday's decision by euro zone ministers to take no new steps to quell the debt crisis.

A study by IMF economists Luc Laeven and Hui Tong found that U.S. monetary policy shocks drive global stock market prices.

The International Monetary Fund (IMF) is urging the European Union (EU) to expand the size of its rescue fund in the wake of weakening market performance in the euro zone’s peripheral members.

The euro zone should have a bigger rescue fund for member states in trouble, and the European Central Bank should boost its bond buying to prevent the sovereign debt crisis from derailing economic recovery, an IMF report obtained by Reuters said.

The International Monetary Fund's chief Dominique Strauss-Kahn said on Saturday the global economic outlook was not that bad but uncertainties remained in the United States and Europe.

The precious metals were mixed in November, with silver outshining the rest with a 13.6 percent jump, followed by palladium which rose 7.75 percent. Gold managed to end the month with marginal gains of 1.87 percent while platinum fell 2.7 percent from its end-October level.

After enjoying nearly two decades of an unprecedented economic prosperity at home, many Irish are now seeking to leave for greener pastures elsewhere as the nation finds itself on the brink of an economic collapse.

Standard & Poor’s said it cut its long-term sovereign credit rating on the Republic of Ireland to 'A' from 'AA-' and its short-term rating to 'A-1' from 'A-1+'.

Germany's argument for a policy to make private investors pick up part of the bill for any future bailouts won support from France as more European countries seem to require financial aid.

The IMF published a study asserting that growing income inequality in the U.S. triggered the two most severe financial crises and economic downturns of the last 100 years by creating unsustainable imbalances.

The government of Ireland has released a grim four-year austerity budget that seeks to alleviate the country's debt crisis.

Greece's international lenders have agreed to provide the debt-ridden country with the third installment of a loan – valued at 9-billion euros -- but warned that the Greeks must make an extra effort to address its deficit next year.

The Irish government is busy finalizing an austerity plan that is expected to save about 15 billion euros, even as the opposition called for early elections in January.

The massive EU and IMF bailout for Ireland doesn't seem to be working as the euro currency, European stocks, and Irish stocks gave back early gains and closed with losses. Irish bonds are still up for the day, but not by much.

Despite signs that the government of Ireland will receive a huge bailout package from the European Union (EU) and International Monetary Fund (IMF), Irish banks that trade in the U.S. as ADRs are getting hammered this morning in early trading.

An unwilling Ireland finally agreed to a bailout to help prolong eurozone's jolly ride to doom, and analysts see a good chance of Portugal following suit in the coming months. However, the bigger question is if Spain, eurozone's fourth largest economy, is well insulated against a Greece- and Ireland-style crisis.

As early as the 1980s, fault lines began to appear in Europe's economy and the global financial crisis tore them wide open. Now, Europe perhaps faces its greatest economic challenges since WWII.

The Paris Club of creditor nations and Brazil have agreed to cancel $7.35-billion of debt owed by the Democratic Republic of Congo (DRC), representing more than half of the nation’s foreign debt.

The government of Ireland has stated that it will not raise the country's low corporation tax rate in exchange for a bailout from the European Union (EU), amidst speculation that France and Germany want the tax rate increased.

As comments from Dublin and Brussels strongly hint at the possibility of Ireland formally seeking international financial support sooner or later, analysts are mulling the chances of a possible bailout of the stricken Celtic Tiger by the robust Chinese Dragon.