Rating agency Fitch cut its ratings of five eurozone countries including Italy and Spain and lowered its outlook on Ireland, citing their poor finances and vulnerability to sharp turns in market senti

Europe's debt crisis could tip the world economy into recession and a bigger firewall is urgently needed to keep the damage from spreading, the International Monetary Fund said on Tuesday.

The IMF ch

Standard & Poor's carried out a mass downgrade of euro zone countries on Friday, stripping France and Austria of their top-grade AAA ratings in a move that may complicate efforts to solve a two-year o

The crisis-ridden European Union prefers to generate in-house contingency plans than run to WB or IMF because their loan conditions will be worse than the crisis, says Prof J. Frey of the New York Ins

The next summit of European Union leaders focusing on the continent's troubled economies will be held on January 30, EU president Herman Van Rompuy announced late Tuesday in a video message.

"Our nex

The euro fell on Tuesday below $1.31 for the first time since January amid unrelenting concern about the eurozone debt crisis.

At 1605 GMT the euro was trading at $1.3057, its lowest level since Janu

The euro crisis, political instability in Saudi Arabia and conflict with Pakistan have emerged as top potential threats facing the United States in 2012, an influential think-tank said on Friday.

The

Italy on Sunday unveiled a draconian austerity programme worth 20 billion euros ($27 billion) in a bid to avoid bankruptcy for the eurozone's third largest economy but warned a new recession was loomi

Italy's Mario Monti said on Tuesday he was ‘absolutely convinced’ the country will overcome an unprecedented debt crisis, adding that he would unveil his new government ‘within hours’.

"I am absolute

Italy's Mario Monti said on Tuesday he was ‘absolutely convinced’ the country will overcome an unprecedented debt crisis, adding that he would unveil his new government ‘within hours’.

"I am absolute