A Hungarian official was not exaggerating when he said on Thursday that the country had a slim chance of avoiding a Greek-style debt crisis, the prime minister's spokesman said on Friday. Party vice chairman Lajos Kosa was cited as saying by business news website napi.hu that the new government had found public finances in a

Greece on Friday submitted a draft bill for parliamentary approval of its bailout by the European Union and the International Monetary Fund (IMF) by the end of next week, the finance ministry said. The debt-choked country secured a total of 110 billion euros ($132 billion) in emergency funding to avoid default, of which 80 billion

European stocks climbed in early trade on Friday, extending a week-long recovery rally, as investors eagerly awaited U.S. monthly jobs data that could soothe recent jitters over the pace of the global recovery. Energy stocks featured among the top gainers, led by a 3.2 percent gain by BP. The oil major said it has made

European Commission President Jose Manuel Barroso defended spending cuts across Europe at talks with trade union leaders on Friday, saying austerity was needed to restore investors' confidence and economic growth. "I underlined the need of fiscal consolidation and structural reforms," Barroso, the head of the European Union executive, told a news conference after talks with

Britain should not look at rising inflation as a way of cutting its public debt, Bank of England Deputy Governor Charles Bean said, adding the central bank would not hesitate to take action to bring it back to target. Bean said inflation had been surprisingly high because of the jump in oil prices and that

Chinese exporters who made a big push only a year ago to bill in euros are increasingly turning their backs on the wounded European currency and demanding dollars instead. By contrst, Beijing last week said a report it was reviewing the euro portion in its mountain of foreign exchange reserves was groundless and it calmed

Euro zone government bond futures opened higher on Friday as investors flocked to safer haven German Bunds while awaiting key U.S. non-farm payrolls data later in the session. The U.S. Employment Report at 1230 GMT will be the main draw for global debt markets. A Reuters survey forecast non-farm payrolls increased by 513,000 in May

The U.S. dollar and Asian stocks held on to recent gains on Friday ahead of a report expected to show the highest U.S. jobs growth since 1983, supporting a cautious shift back into riskier assets this week. However, more than two-thirds of the forecast 513,000 new jobs will likely be temporary hires for the government

Leading policymakers were unusually candid on Friday in voicing fears that the euro zone's financial and banking woes could derail the global economic recovery. The troubles of Greece and other heavily indebted European governments dominated conversations ahead of a meeting of finance ministers and central bankers of the Group of 20 of the world's top

Foreign Minister Marcos Kyprianou has explained that there is a political decision and commitment of the Government regarding the accession of Cyprus to Schengen, which constitutes a legal obligation vis-a-vis the European Union. Kyprianou attended Thursday’s session of the Parliamentary Committee on European Affairs in order to inform its members as regards the course of