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.
EU finance ministers backed plans on Tuesday by countries in the euro area to help debt-stricken Greece financially if it becomes the first state in 11 years of monetary union to seek such aid.
European Union finance chiefs failed on Tuesday to resolve a row over new rules to control hedge funds, a spokeswoman for the EU's Spanish presidency said.
EU finance ministers on Tuesday discussed standby plans drawn up by countries using the euro to provide Greece with financial help if it becomes the first state in 11 years of monetary union to seek such aid.
Euro zone finance ministers agreed on Monday on a mechanism that would allow them to help Greece financially if needed, but revealed no details except that it would be without loan guarantees.
U.S. industrial production braked sharply in February, held back by severe winter storms that slammed parts of the country, while manufacturing activity in New York state stalled this month.
Euro zone finance ministers discussed the mechanics of a financial rescue for Greece on Monday but gave few details of their standby planning as Athens tries to fix its public finances alone.
The European Union's executive said on Monday it was ready to propose a framework that could be used to aid Greece, despite signs of continuing reluctance from France and Germany to make concrete commitments.
Euro zone finance ministers on Monday will look at how to give Greece financial aid should it ask for help, but there were signs France and Germany were holding out on making concrete commitments.
Greece should show it has taken steps to get its public finances in order before external help can be given, European Central Bank Governing Council member Ewald Nowotny said in an interview on Austrian television on Sunday.
A European Monetary Fund risks skewing the incentives of debt-ridden euro zone countries thereby endangering the stability of the euro, the head of Ifo think tank told Reuters in an interview.
The German Finance Ministry said on Saturday it was not aware of any agreement by euro zone members to provide a multi-billion euro bailout package for heavily indebted Greece.
The euro zone has agreed a multi-billion euro bailout for heavily indebted Greece as part of a package to support the euro, the Guardian newspaper reported on Saturday.
European Union finance ministers will agree next week to phase out aid measures for banks, industries and the labour market that were introduced to fight the economic crisis, a draft statement showed on Tuesday.
European policymakers came out in support of a rescue fund that would mark a new phase of economic cooperation within the 16-nation euro zone, setting them on a potential collision course with its central bank.
The European Union is considering creating a rescue fund that could herald fundamental changes in the 27-country bloc and bring closer economic cooperation following Greece's debt crisis.
The European Union's top diplomat, Catherine Ashton, has had a tough time since taking on the job four months ago, but will try to turn things around this week as she sets out her foreign policy goals.
Icelanders voted in a referendum on Saturday on a $5 billion deal to repay Anglo-Dutch loans, with an expected resounding No set to delay foreign aid, hopes for economic recovery and possibly EU aspirations.
European leaders expressed confidence on Friday that new austerity measures planned by Greece would be enough to pull the country out of its debt crisis and make any bailout unnecessary.
Asian shares surged on Friday after encouraging U.S. retail sales and jobs data suggested Asia's biggest export market was stabilizing, while the euro remained on the defensive amid the Greece debt crisis.
The European Central Bank took a small step toward unwinding its extraordinary support for the euro zone economy Thursday, but it forecast a fragile recovery and left much of its cash buffer for banks in place.
Debt-burdened Greece drew strong demand for a crucial bond issue on Thursday but paid a steep risk premium that underscored its plea to Germany and other EU partners for support to help lower its borrowing costs.
