IMF

Greek political leaders said they had clinched a deal on economic reforms and spending cuts needed to secure a second bailout, but eurozone finance ministers demanded more measures and a parliamentary seal of approval. Finance ministers of the 17-nation eurozone meeting in Brussels warned there would be no immediate approval for the rescue package.

Greece's debt crisis on Thursday dominated the first day of Italian Prime Minister Mario Monti's visit to the United States, as he urged the International Monetary Fund to be more lenient with Athens in bailout talks to prevent a big potential explosion.

Stocks rose modestly for a third straight day on Thursday after Greece reached a deal to secure a financial bailout, but investors were cautious after weeks of gains.

Stocks edged higher on Thursday after Greece reached a deal to secure a financial bailout, but investors took a wait-and-see attitude in a market that has become extended after weeks of gains.

Greek political leaders clinched a long-stalled deal on Thursday on harsh austerity measures and reforms required to secure a second international bailout in two years but the country's financial backers reacted skeptically.

Gold prices rose 1 percent on Thursday as the euro rallied to a fresh two-month high against the dollar after Greece clinched a deal with European Union and IMF leaders needed to avoid a messy default.

Greek leaders clinched a long-stalled deal on reforms and austerity measures needed to secure a bailout and avoid a messy default, government sources said, hours before the country's financial backers were to meet in Brussels on Thursday. The euro and European stocks strengthened on news of the breakthrough.

China's inflation unexpectedly rebounded in January mainly due to gains in food prices and a weeklong holiday. Though this does not change the broader downward trend in inflation and provides room for Beijing to stimulate its economy if the Euro area experiences a sharp recession. It does support economists' view that Beijing will not put in place aggressive stimulus packages as it aims for a smooth leadership transition this year.

Greek political leaders failed early on Thursday to sign off on a tough reform and austerity program, the price of a new international bailout for the nation, but Prime Minister Lucas Papademos said they would try to strike a deal within hours.

Hotel staff in many New York City establishments will get panic buttons within the next year to offer better protections in the wake a hotel maid’s charge that she was sexually assaulted by former IMF chief Dominique Strauss-Kahn.

Some countries, including the U.S., could be trying to bring their budget deficit down too quickly, posing a risk for the economic recovery, the head of the International Monetary Fund's fiscal affairs department warned Wednesday.

Greek parties will try on Wednesday to agree to a reform deal in return for a new EU/IMF rescue to avoid a chaotic default, after repeated delays which have prompted warnings that the euro can live without Athens.

Inflation in China is expected to trend lower in January, which provides room for Beijing to stimulate the country's economy if the Euro area experiences a sharp recession. However, economists do not expect to see aggressive stimulus packages to be put in place as Beijing is looking to achieve a smooth leadership transition this year.

Leaders of the three parties in Prime Minister Lucas Papademos's coalition postpone crunch meeting.

Greek political parties delayed yet again on Tuesday making the tough choice of accepting painful reforms in return for a new international bailout to avoid a chaotic default, seemingly deaf to EU warnings that the euro zone can live without Athens.

The International Monetary Fund and Vice President Joe Biden have both raised doubts about China's economic growth, although for different reasons.

The leaders of the three national parties in Greece's coalition government will meet the Prime Minister, Lucas Papademos to discuss the terms of the proposed bail-out plan.

China's vulnerability to the slump in global demand has been highlighted by the IMF in an economic outlook report on the world's second largest economy.

The IMF's chief economist, Olivier Blanchard, said on Monday it looks like the 'haircut' on Greek private debt will be "very large" as negotiations between bondholders and the government drag on to cut Greece's debt burden.

German Chancellor Angela Merkel told Greece Monday to make up its mind fast on accepting the painful terms for a new EU/IMF bailout, but the country's political leaders responded by delaying their decision for yet another day.

A failure on the part of Greece's politicians to agree on an austerity framework rippled through the currency markets of London, the government halls of Budapest and the pits of the New York Stock Exchange Monday morning. The nonevent was only the headline occurrence in a morning that was also filled with contradictory, and at times despondent, statements out of Athens.