Intense European pressure forced debt-stricken Greece to seek political consensus on a new bailout plan instead of holding a referendum after EU leaders raised the prospect of a Greek exit from the Euro to preserve the single currency.
Brazil must balance its trade relation with China, (leading commercial partner) and not allow an anti-Chinese feeling among manufacturers to spoil relations with Beijing said economists in Sao Paulo.
Gibraltar could be heading for stormy days if as opinion polls indicate Spain’s Partido Popular sweeps into power and has plans to resuscitate the ‘bilateral’ Brussels process by opposition to the current ‘trilateral’ talks.
The governor of Gibraltar dissolved parliament on Thursday and called a general election in the contested British territory for December 8. The event will take place almost three weeks after Spain’s general election November 20 when the Conservatives are expected to sweep into office.
If Greece decided to leave the Euro, it would also have to quit the European Union, according to the terms of the EU treaties, the European Commission said on Thursday.
President Barack Obama recommended his French counterpart, Nicolas Sarkozy to follow the example set by Argentine President Cristina Fernández, who was re-elected in a landslide win just ten days ago.
During Thursday’s meetings of the Group of 20 in Cannes, Argentine President Cristina Fernández for G20 leaders to put a stop to the current “anarchistic economic capitalism” and regulate the markets, not the countries, to go back to what she referred to as “real capitalism” after three years of world economic crisis.
The European Central Bank cut its main interest rate by 25 basis points to 1.25% as the Euro zone's worsening debt crisis outweighed the concern over persistently high inflation.
Brazilian president Dilma Rousseff said that solutions to European and global economic difficulties need to promote economic growth and employment. Ms Rousseff arrived Wednesday in France for the summit of G-20 leaders this week, but before will be meeting with peers from the BRICS group to work out a common stance.
China has said it cannot commit to investing in the European Financial Stability Fund (EFSF) until the situation with Greece has been clarified. European leaders hoped that China would buy EFSF bonds, injecting capital in the region's financial markets.