Bailouts, Country Bailout | featured news

Egypt will not borrow from the World Bank and International Monetary Fund after revising its budget and cutting the forecast deficit, even though a loan had been agreed, Finance Minister Samir Radwan said Saturday.

Hours of talks between eurozone finance ministers on the imploding finances of Greece broke up early Monday morning without the ministers signing off on a vital installment of rescue loans needed to avoid bankruptcy next month.

Greek Prime Minister George Papandreou offered on Wednesday to step down and make way for a national unity government provided it supported EU/IMF bailout plans, government sources said.

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.

Bleak EU economic forecasts on Friday showed Greece will miss its debt targets this year without further reforms and a senior policymaker said Athens was not meeting the terms of its rescue package.

Speculation is growing that Greece may need a second financial bail-out from the international community

Ireland's ailing banks need another euro24 billion ($34 billion) in cash in a move that will leave all of them under state control and facing a complete overhaul, officials announced Thursday in a long-awaited effort to cap a 3-year banking crisis....

It would make sense for Portugal to seek aid from the European Union bailout fund, although such a decision will be caught up in domestic politics, European Central Bank Governing Board member Ewald Nowotny said.

Ireland's two largest parties agreed to form a new coalition government Sunday, clinching a quick deal that will allow it to press European leaders to ease the terms of the country's 85 billion euro EU/IMF bailout.

The Belgian finance minister and International Monetary Fund suggested that the scope of measures to stabilize the euro should be strengthened.