Global shares edged off 16-month highs on Friday as an unexpected jump in U.S. jobless claims and persistent uncertainty over a solution to Greece's debt crisis tempered optimism over the global economic recovery.
Greece asked on Thursday for official talks with European authorities and the International Monetary Fund, a step toward Athens obtaining billions of euros in emergency loans.
The Greek aid deal is a turning point in the crisis that shows suggestions of a euro zone break up and Greek default are absurd, a top European Central Bank policymaker said on Thursday.
The European Union may have to establish a mechanism to help out countries with financing difficulties after a 30 billion euro aid package agreed for Greece last weekend, Jean-Claude Juncker, chairman of the Eurogroup of finance ministers, said in a newspaper interview on Thursday.
Euro zone finance ministers agreed unanimously at a Eurogroup teleconference on Sunday on how to help Greece if needed, Cyprus' finance minister told reporters.
Euro zone finance ministers, the European Central Bank and the European Commission will hold a teleconference on Greece on Sunday, a spokesman for Eurogroup President Jean-Claude Juncker said on Saturday.
Greece is not at the point where it needs a financial bailout and is in no danger of defaulting, European Central Bank president Jean-Claude Trichet said in an interview on Friday.
Markets pushed Greece's risk premium to a euro lifetime high on Tuesday amid growing doubts over the country's capacity to resolve its debt crisis and fresh skepticism about a European Union-International Monetary Fund aid mechanism.
Greece is not seeking to amend an EU-IMF safety net agreement, a top finance ministry official said, trying to calm markets that ditched Greek assets and the euro after a flurry of news suggesting Athens' debt crisis was worsening.
European Central Bank President Jean-Claude Trichet said on Wednesday he expected markets to reward Greece for its fiscal consolidation measures.
World equities ticked down on Wednesday though they were headed for their fourth consecutive quarterly rise, while the dollar hit a three-month high against the yen and the Australian dollar fell.
Greece on Monday sold 5 billion euros ($6.7 billion) of 7-year bonds with a looming Easter holiday and a subdued European market dampening demand in the first test of investor appetite since last week's EU-backed debt support deal.
The euro strengthened on Monday as debt-stricken Greece sold seven-year bonds, but investors remained anxious about the country's long-term ability to finance itself at affordable rates. After hitting a 10-month low below $1.33 last week, the euro rose above $1.35 on Monday as Greece returned to capital markets for the first time since euro zone leaders agreed to extend the southern European country a financial safety net.
Euro zone leaders won muted approval from financial markets on Friday for a band aid agreement to create a safety net for debt-ridden Greece, but a row over the IMF's role flared up just as it had seemed settled.
Euro zone leaders won muted approval from financial markets on Friday for their agreement to create a safety net for debt-ridden Greece, but a row over the IMF's role flared up just as it had seemed settled.
Euro zone leaders received a cautious stamp of approval from financial markets on Friday for their agreement to create a safety net with the International Monetary Fund to help debt-ridden Greece.
The financial aid mechanism for Greece agreed by euro zone leaders on Thursday is workable but unlikely ever to be activated, European Central Bank President Jean-Claude Trichet said.
The financial aid mechanism for Greece agreed by euro zone leaders on Thursday is workable but unlikely ever to be activated, European Central Bank President Jean-Claude Trichet said.
EU leaders edged toward consensus on a financial safety net for Greece on strict German conditions ahead of a key summit Thursday after the European Central Bank threw Athens a major reprieve on funding rules.
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.
The euro hovered near 10-month lows on Thursday as a credit downgrade on Portugal added to worries about debt levels in Greece and other parts of Europe, weighing on riskier assets such as shares and commodities.
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.
