Economy, Germany | featured news

After a series of positive announcement from Greek FinMin Venizelos, rumors that Moody's would downgrade French banks and Germany was preparing for a Greece to default send equities tanking, particularly French banks.

President Barack Obama said on Tuesday that he and German Chancellor Angela Merkel agreed that Europe's debt crisis must be contained.

Germany's economy in 2010 grew at its strongest rate since the country's reunification, propelled by exports and rising investment, the Federal Statistics Office said.

Germany and France enjoyed a shock return to economic growth in the second quarter of the year, data showed on Thursday, ending their recessions earlier than many policymakers and economists had expected.

May Day protesters clashed with riot police in Germany, Turkey and Greece on Friday while thousands angry at the government's responses to the global financial crisis took to the streets in France.

Germany's largest retailer, Metro, is planning to cut 15,000 jobs or 5% of its workforce due to the economic slowdown.

China has become the world's third-largest economy, surpassing Germany and closing rapidly on Japan, according to government and World Bank figures.