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The leaders of Germany and France clinched agreement on a joint European-IMF financial safety net for debt-stricken Greece just before an EU summit on Thursday, the French president's office said.

EU leaders appeared to be nearing consensus on an aid mechanism for Greece based on strict German terms before a high-stakes summit on Thursday and Athens won a reprieve when the European Central Bank extended looser funding rules.

German Chancellor Angela Merkel backed aid for Greece with IMF involvement as a last resort on Thursday, and the European Central Bank extended looser funding rules in a big reprieve for Athens.

European Union leaders were striving on Thursday to reach a last-minute agreement on how to help Greece resolve its debt crisis and reassure investors before what was likely to be a tense summit.

The euro sank to a 10-month low against the dollar and a lifetime trough versus the Swiss franc on Wednesday as speculation Greece may have a difficult time securing debt aid highlighted instability in the euro zone.

Germany signaled for the first time on Tuesday that it may accept European financial aid for Greece as a last resort, but only if the IMF is involved and euro zone partners accept tougher budget discipline rules.

Greece said on Tuesday it expects a positive outcome at this week's EU summit to its request for a European financial safety net despite Germany's insistence that aid will not be discussed.

The head of the European Commission challenged German Chancellor Angela Merkel to rise above domestic politics and agree on a financial safety net for debt-stricken Greece to help preserve European monetary union.

The president of the European Commission challenged German Chancellor Angela Merkel to rise above domestic politics and agree on a financial safety net for debt-stricken Greece to help preserve European monetary union.

European leaders sent out conflicting signals at the weekend over aid to Greece, with Germany's Angela Merkel urging Athens to solve its debt problems alone and Italy's Silvio Berlusconi strongly backing EU support.

China's yuan could become a reserve currency accounting for at least five percent of global foreign-exchange reserves as early as 2025, central bankers said in an annual global survey.

Combined support for Greece from the IMF and the European Union would be the best way to help the over-borrowed country deal with its debt crisis, OECD Secretary General Angel Gurria said on Sunday.

Developed countries with big budget deficits must start now to prepare public opinion for the belt-tightening that will be needed starting next year, the No. 2 official at the IMF said on Sunday.

An insolvency mechanism should be set up for nations that are unable to manage their debts, Horst Koehler, Germany's president and a former head of the International Monetary Fund, said in an interview on Saturday.

European Commission President Jose Manuel Barroso urged EU member states on Friday to agree a standby aid package Greece after Athens said it could turn to the IMF for help.

The European Union's monetary affairs chief urged the bloc's leaders on Friday to agree a standby aid package for Greece next week but France and Germany struck different notes and the euro slid.

The European Union's monetary affairs chief urged the bloc's leaders on Friday to agree on a standby aid package for Greece next week after Athens said it could seek IMF help if it gets no firm promise of European aid.

Greece raised the stakes on Thursday in its quest for EU help to tackle its debt crisis, saying it cannot achieve promised deficit cuts if its borrowing costs remain so high and may have to call in the IMF.

The U.S. stock market is trading flat as Thursday's unemployment and inflation data offered little surprise.

Futures on U.S. stock indices erased losses to trade mostly flat ahead of the opening of the stock market on Thursday after a report showed declining unemployment claims.

Greece raised the stakes on Thursday in its quest for EU help to tackle its debt crisis, warning it cannot achieve promised deficit cuts if its borrowing costs remain so high and may have to call in the IMF.

Greece raised the stakes on Thursday in its quest for EU help to tackle its debt crisis, warning it cannot achieve promised deficit cuts if its borrowing costs remain high and might have to call in the IMF.

Greece's prime minister warned on Thursday that Athens would not be able to make planned deficit cuts unless it can borrow money more cheaply and said he would prefer not to have to turn to the IMF for help.

Greece may seek financial aid from the International Monetary Fund next month because it is growing increasingly pessimistic about the prospect of help from the European Union, Dow Jones Newswires reported on Thursday.

OPEC ministers agreed not to change output targets they are already exceeding, an OPEC delegate told Reuters Wednesday, as demand should pick up later in the year to mop up extra barrels.

Oil demand is picking up, Saudi Oil Minister Ali al-Naimi said on Tuesday, which could mean OPEC does not have to take any action on supply this year.

Finance ministers from the 16-country euro zone agreed on Monday to mobilize financial aid for Greece rapidly if needed but revealed little of how their standby plan for the debt-stricken nation would work.

At a time when jewellery retailers and gold buyers are crying foul over the increase in import duty on gold and silver, there is a surprise element for jewellery makers which will make them happy. While presenting the Budget, India's finance minister Pranab Mukherjee said import duty on gold and platinum will go up from Rs 100 to Rs 300 per 10 gm.

French President Nicolas Sarkozy promised Greece Sunday that euro zone countries would help it overcome its financial problems and vowed a European crackdown on financial speculators Athens blames for its woes.