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France, Germany seek support in scramble to save euro

France and Germany drummed up support for their plan to fix the eurozone on Thursday as European leaders geared up for a do-or-die summit to save the debt-laden currency union from collapse. With hours to go before the EU summit in Brussels, German Chancellor Angela Merkel and French President Nicolas…

Germany, France push for ‘fiscal union’

German Chancellor Angela Merkel kicked off a crunch week of talks on saving the euro by laying out a vision Friday for a “fiscal union” in Europe, ahead of a pivotal summit of EU leaders. A day after French President Nicolas Sarkozy said that Europe needed to be “refounded” in…

White House slams Benetton’s Obama kissing ads

WASHINGTON — The White House on Thursday slammed a new Benetton advertising campaign showing US President Barack Obama kissing Chinese and Venezuelan leaders smack on the lips. “The White House has a longstanding policy disapproving of the use of the president’s name and likeness for commercial purposes,” spokesman Eric Schultz…

Obama ‘deeply concerned’ at Europe market turmoil

U.S. President Barack Obama on Wednesday said he was “deeply concerned” at the turmoil in the eurozone that has spooked global markets amid growing fears about Europe’s debt crisis and anaemic growth. “I am deeply concerned and I have been deeply concerned. I suspect I will be deeply concerned tomorrow and…

China peace prize awarded to Russia’s Putin

A group of Chinese academics has awarded its version of the Nobel Peace Prize to Vladimir Putin, an organiser said Tuesday, pointing to the Russian Prime Minister as “outstanding in keeping world peace.” Putin beat other candidates such as German Chancellor Angela Merkel and Yuan Longping, a Chinese agricultural scientist,…

Chance of 2012 U.S. recession tops 50 percent

(Reuters) – The European debt crisis is raising the odds of a U.S. recession, with economic contraction more likely than not by early 2012, according to research from the San Francisco Federal Reserve Bank. While it is difficult to gauge the odds precisely, an analysis of leading U.S. economic indicators suggests…

Blair warns of ‘catastrophe’ if euro collapses

LONDON — Former prime minister Tony Blair warned on Sunday that the collapse of the euro would be “catastrophic” and urged Europe to move fast to support the currency. Blair said European leaders faced “very difficult and painful” choices and a “long-term framework of credibility” was needed to see off…

New Greek government in race against time

Greece’s new prime minister Lucas Papademos has held urgent talks with French President Nicolas Sarkozy and German Chancellor Angela Merkel on the bail-out for his debt-hit country. Both Sarkozy and Merkel underlined the need for Greece to implement the measures it had agreed to in return for the next instalment…

French, Germans explore idea of core euro zone

BRUSSELS (Reuters) – German and French officials have discussed plans for a radical overhaul of the European Union that would involve establishing a more integrated and potentially smaller euro zone, EU sources say. French President Nicolas Sarkozy gave some flavor of his thinking during an address to students in the eastern French city of Strasbourg…

Merkel calls for ‘new Europe’ as Italy hits breaking point

ROME/BERLIN (Reuters) – Italian borrowing costs reached breaking point Wednesday after Prime Minister Silvio Berlusconi’s insistence on elections instead of an interim government opened the way to prolonged instability and delays to long-promised economic reforms. In a dramatic escalation of the euro zone debt crisis, Italian 10-year bond yields shot above the…

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