Economy, European Union | featured news

Portugal will elect a new government on Sunday which will lead the country through a period of deep austerity and recession after it received a 78-billion-euro ($114 billion) bailout from the European Union and IMF.

Broad probe testing 91 European banks finds most are fit to withstand severe economic shocks.

The European Commission on Monday outlined the potential new measures it is considering to ensure that short-selling of stocks and bonds doesn't destabilize financial markets or national economies.

Greece reached agreement with the European Union and the International Monetary Fund on rescue loans to keep Athens from defaulting on its debts, a deal that will impose harsh cuts on the county's 11 million people for years.

The current head of the European Union presidency on Wednesday warned that the U.S. economic rescue plans were, "a way to hell." However, his personal record in the field of economic leadership is very much up for debate.