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.
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.
Brazil's government is encouraged by Europe's announcement of a plan to resolve the nagging debt crisis, though more details are needed on the proposal to determine its viability, Brazilian Finance Minister Guido Mantega said Thursday.
European Union leaders announced an agreement early Thursday in Brussels on debt crisis measures including a hard-fought deal with private sector investors to write down Greek bonds by 50%.
Foreign Secretary William Hague has urged Tory MPs not to vote for a referendum on the UK remaining in the EU, saying it would be a distraction.
Uruguay’s strategy is to attract foreign private investors and offer the necessary guarantees to develop their business, said President Jose Mujica in a brief summary of his ten day European visit of four countries and the headquarters of the European Union in Brussels.
The European Union has agreed that around 100 billion Euros is needed to recapitalise the European banking system, but splits remain before a high-profile summit on Sunday over how to strengthen the Euro zone's bailout fund.
China's economic expansion slowed during the third quarter of the year as government measures to control inflation hurt growth. China's economy grew by 9.1% in the three months to the end of September from a year earlier, down from 9.5% in the previous quarter.
The head of Business-Europe International Relations said Wednesday that a free trade agreement between the European Union and Mercosur “would not destroy European agriculture” in spite of fears from farmers.
Brazil and the European Union must take concerted action to calm markets fearful of global contagion spreading from Europe's debt crisis, leaders from both sides said on Tuesday.