Spain’s former president Felipe Gonzalez said that Latin American countries which in the eighties suffered financial problems because of the debt crisis are now looking on the European economic situation with “some joy”.
Proposals to double the size of the IMF as part of a broader international response to Europe's debt crisis immediately ran into resistance from the United States and others, burying the idea for now and firmly putting the onus back on Europe.
Germany's banks have said that they should not be pushed to increase their financial cushions beyond existing law under the European Union's effort to shore up the financial system against the debt crisis.
US Treasury Secretary Timothy Geithner said that the European debt crisis and the political divisions in the United States were the biggest threats to the global economy.
Major central banks around the world will cooperate to offer three-month US dollar loans to commercial banks in order to prevent money markets from freezing up because of Europe's sovereign debt crisis.
European policymakers grappling with problems in Greece, Portugal, Ireland and Spain should follow the path set by the Uruguayan government a decade ago, dealmaker William Rhodes told CNBC on Thursday.
Trade talks between Mercosur and the European Union have been frozen on the “edge of the cliff” because of the European debt crisis, differences over agriculture subsidies and other crucial issues according to sources in Brazil from both sides.