France, Germany, Italy, Spain and Britain will “intensify their cooperation” to identify U.S. tax cheats in return for help in finding U.S. accounts held by residents of those countries.

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5 European Nations Agree to Help U.S. Crack Down on Tax Evasion

ROME — Former Italian prime minister Silvio Berlusconi has declared he is “stepping aside” from frontline politics, revealing he has no intention of running again for his old post. In his first interview since resigning amid turmoil over financial markets in November, Berlusconi spoke to the Financial Times at his Rome residence on a range of subjects, including what he called a media-inspired furor over his “bunga bunga” parties, his anger at “left-wing” magistrates hounding him in the courts and his drive to promote political and judicial reforms. Read full article > >

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Italy’s Berlusconi to quit frontline politics

The last person rescued from Italy’s shipwrecked Costa Concordia describes banging a frying pan on a wall to alert emergency teams.

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Italy ship purser tells of rescue

As Italy reins in its spending, institutions in New York City dependent on the European nation’s money are being affected.

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In New York City, Feeling Pain of Italy’s Belt-Tightening

Italy unveils a 5.5bn euro investment package in a bid to stimulate the country’s economy and stave off recession.

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Italy unveils new spending boost

Observers say a national propensity for dualism has led to a Coast Guard officer’s portrayal as a hero against the captain of the Costa Concordia.

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Memo From Rome: Italians Embrace a Hero After Cruise Ship Accident

Shares of the Carnival Corporation fell 14 percent on Tuesday, and analysts said the accident in Italy could not have happened at a worse time for the industry.

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Cruise Industry Weighs Effect of Costa Concordia’s Grounding

With 16 people still listed as missing after a cruise ship capsized near an Italian island, rescue workers searched the luxury liner on Sunday for survivors and found three.

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Death Toll Rises to 6 in Italian Cruise Ship Accident

Two more bodies are found on the capsized Costa Concordia cruise ship, which ran aground off Italy, bringing the known number of dead to five.

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More bodies found in Italian ship

Rescuers made contact early Sunday with three survivors inside a luxury cruise liner that capsized off the coast of Italy, killing at least three people.

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Italian Cruise Ship Accident Raises Questions About Crew and Captain

In Spain, the prime minister pledged spending cuts and a banking-system cleanup, while in Italy, the prime minister called for “efforts in favor of growth.”

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After Downgrades, European Leaders Argue for Both Austerity and Stimulus

More than 4,000 people are evacuated after the cruise ship Costa Concordia ran aground off Italy, with three people confirmed dead.

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Cruise ship runs aground in Italy

The ratings agency Standard & Poor’s also cut Portugal’s credit to junk status, lowered Italy’s rating and downgraded several other countries caught in the euro crisis.

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Debt Ratings Cut for 9 Countries Amid Euro Woes

Solid government bond sales in Italy and Spain indicated that efforts by the European Central Bank to avoid a regional credit freeze were still showing at least short-term benefits.

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Europe Gets Some Reassurance in Auctions of Debt

Borrowing costs tumbled for both economically stressed countries, giving markets and the euro a lift.

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Strong Debt Auctions Held in Spain and Italy