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The European Commission, downgrading predictions made in February, said Friday the economy in Europe would shrink through 2013.
The European Commission said Thursday the economies of Italy and France were struggling with excessive debt and high labor costs.
U.S. Treasury Secretary Jack Lew's two-day trip to Europe will center on increasing demand to stimulate the global economy, a senior official said.
Latvia has applied to become the 18th country in the Eurozone.
Dow surges to all-time high ... Cyprus closer to bailout ... Martha Stewart defends J.C. Penney deal ... Cadbury accused of $46 million tax dodge ... News from United Press International.
Cyprus has agreed to have its banks audited, a step that could clear the way for a $22.7 billion European Union bailout, officials said.
The vice president of the European Commission said in London that reform for the European Union is better than repatriation.
In medical terms, an acute illness is short, sharp and nasty. A chronic illness is one that lasts a long term and the patient has to learn to live with it. The euro crisis has just gone from its acute to its chronic phase.
A decision by European Bank for Reconstruction to admit Kosovo as a member will help speed its path to stabilization, European leaders said over the weekend.
The head of the European Commission said Spain will not need to rein in spending or raise taxes until at least 2014, despite ongoing debt problems.
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