Awaits second multi-billion euro bailout.

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Greek Cabinet OK’s Austerity Plan

Greece will “fully clarify” its austerity measures within hours, the country’s finance minister says, as he scrambles to finalise an EU bailout deal.

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Greece promises deal ‘in hours’

After days of agonizing negotiations, Greek politicians have reached a deal to make a sweeping series of cuts that they hope will secure an international bailout and help the debt-ridden nation avoid bankruptcy, Prime Minister Lucas Papademos’s office said on Thursday. Read full article > >

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Greek officials reach austerity deal that could pave way for bailout

The Greek prime minister has failed to secure his coalition parties’ agreement to fresh austerity proposals, needed to agree a new bailout package.

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Greek parties fail to agree cuts

Greek PM Lucas Papademos is meeting coalition parties in an attempt to seal an austerity deal to secure a new EU/IMF bailout.

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Greek parties ‘to finalise deal’

BERLIN — As Greek leaders argue about whether to accept the painful terms that come with another bailout for their country, the two people who control Europe’s purse strings have drawn ever closer together. Read full article > >

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Germany’s Merkel pledges campaign support for France’s Sarkozy

European bailout on the line.

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Greece Up Against Debt Deadline

Greek officials reject German proposals for a eurozone budget commissioner to oversee spending, as agreement nears on a second bailout for Greece.

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Greeks reject EU ‘budget control’

The credit ratings agency Standard & Poor’s (S&P) downgrades the EU bailout fund, the EFSF, to AA+ from AAA.

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S&P downgrades EU’s bailout fund

Ireland’s Prime Minister Enda Kenny made a television address to warn the nation faces new spending cuts and tax rises – despite its bailout.

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VIDEO: Irish PM addresses nation on economy

The bankruptcy filing by American Airlines could saddle the obscure federal agency that insures company pensions with a $9 billion loss, officials say, raising the financial pressures on the debt-laden government fund and the possibility it could need a taxpayer bailout. The Pension Benefit Guaranty Corp. is already facing a $26 billion deficit , the largest in its 37-year history, after being staggered by company failures across the country during the recession. Read full article > >

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Government pension agency braces for American Airlines bankruptcy

Health boards face a potential shortfall of nearly £50m, despite the Welsh government warning that they should not expect a bailout.

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NHS boards facing £50m shortfall

Eurozone finance ministers will meet in Brussels later to discuss ways to expand the region’s bailout fund.

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Eurozone to discuss bailout fund

The IMF has denied it is in talks with Italy about providing a bailout loan to help lower the country’s borrowing costs.

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IMF denies Italy loan discussions

Investigation reveals shocking details of 2008 bailout.

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Fed Loans Gave Banks $13B