European Union, Global Economy | 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.

The EU and IMF extends 85bn euros of emergency loans to the Republic of Ireland, according to reports on Irish state television.

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.