Westerwelle backs growth pact, warns Greece

BERLIN (Reuters) – Germany’s foreign minister laid out a six-point plan for a European “growth pact” on Friday, but said Greece must stick to its reform commitments if it wanted to receive further aid and remain in the euro zone. In a speech to the Bundestag lower house of parliament days before a visit to Berlin by new French President Francois Hollande, Guido Westerwelle said Germany too wanted to focus on growth but not if it meant more spending. “On the European level we want to focus on growth more as well,” he said. …

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Westerwelle backs growth pact, warns Greece

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Monti warns of Greek-style risk to Italy (Reuters)

Reuters – Italy risked a Greek-style economic collapse which could threaten the future of the euro without the austerity package approved by the government, Prime Minister Mario Monti said on Monday, calling on European partners to do their part.

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Monti warns of Greek-style risk to Italy
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Brussels seeks tight budget control, ECB impatient (Reuters)

Reuters – The European Commission is seeking far tighter control of national budgets to combat the euro zone’s debt crisis, a senior official said on Friday, as the ECB’s chief urged rapid action on a euro zone fund for rescuing countries in trouble.

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Brussels seeks tight budget control, ECB impatient
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MF Global fires brokerage staff en masse (Reuters)

Reuters – MF Global fired all 1,066 of its brokerage employees on Friday, triggering anger and resentment about the firm’s collapse after bad bets on European debt under former CEO Jon Corzine’s leadership.

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MF Global fires brokerage staff en masse
(Reuters)

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Wall Street hits 13-month low on Europe woes (Reuters)

Reuters – Stocks slumped in heavy volume to a 13-month low on Monday as investors dumped bank shares on fears that Greece’s worsening financial crisis could cause a large European lender to fail.

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Wall Street hits 13-month low on Europe woes
(Reuters)

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ECB undecided on length of debt-buying program: Paramo (Reuters)

Reuters – The European Central Bank has not decided how long its unconventional interventions in the secondary market for European government debt will go on, Executive Board Member Jose Manuel Gonzalez-Paramo said in an interview on Sunday.

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ECB undecided on length of debt-buying program: Paramo
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Global leaders struggle to calm recession fears (AP)

AP – The world’s major economic powers are pledging to launch a bold effort to deal with a chronic slowdown in growth and a European debt crisis threatening to push the global economy into another recession. But it was unclear whether their strong words would be backed up by equally strong actions.

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Global leaders struggle to calm recession fears
(AP)

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Yields fall to 60-year lows on Europe worries (Reuters)

Reuters – Treasury debt prices rose on Friday, taking benchmark yields to the lowest in at least 60 years as investors looked for a safe haven on revived worries a European debt crisis could have a significant global impact.

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Yields fall to 60-year lows on Europe worries
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Debt crisis resists assault by ECB and global leaders (AFP)

AFP – World leaders scrambled Monday to ensure financial and economic stability as the European Central Bank bought eurozone bonds to stem a spiralling debt crisis, but chronic doubts endured and battered markets tumbled again.

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Debt crisis resists assault by ECB and global leaders (AFP)

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EU tightens squeeze on Greece; banks discuss rollover (Reuters)

Reuters – Greece’s new finance minister grappled with EU and IMF officials over gaps in his austerity plans on Thursday, with European leaders insisting on deep spending cuts and more tax hikes if Athens wants to secure funds and avoid potential default.

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EU tightens squeeze on Greece; banks discuss rollover (Reuters)

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