Luxembourg News

German leaders kept up pressure on Greece as the struggling euro member moved closer to approving an austerity package designed to stave off economic collapse.

Greece is negotiating to repay some creditors less than what it owes in order to avoid a disorderly default.

Stock indexes have largely glided higher for most of 2012, but as investors grew concerned over Greece's ongoing debt drama, all three indexes dropped Friday, pushing them into negative territory for the week.

Workers showed their disapproval of the provisional austerity measures agreed upon by Greek leaders yesterday by walking out on their jobs for the second time this week, while Europe's economic "troika" sent Thursday's deal back to the drawing board.

As slogans go, it isn't up to the standards of "Don't tread on me" or "No taxation without representation," but Jean-Claude Juncker's "No disbursement without implementation" does sum up where the Greek debt crisis stood Friday morning.

A riot policeman kicks an anti-austerity protester who fell during clashes in Athens' Syntagma square February 10, 2012.

On Friday, gold A futures for April delivery decreased $15.90 to settle at $1,725.30 per ounce, while silver A futures fell 31 cents to close at $33.60. Although the main Greek party leaders agreed to a last-minute deal on austerity, the deal and new conditions imposed by Europe must still be approved by Parliament this weekend, and the third ... (more)

Greek police used tear gas against masked protesters in central Athens after they attacked police and stores at the end of a march against austerity measures.

Copper declined in New York, paring a fifth weekly advance, as European finance ministers held back a rescue package for Greece, fueling concerns that Europe's sovereign-debt crisis may curb global economic growth.

Oil fell from the highest level in three weeks, trimming a weekly advance, as concern that Europe's debt crisis will worsen and curb global commodity demand countered signs of an economic recovery in the U.S. West Texas Intermediate futures declined as much as 0.7 percent, snapping the longest run of gains since December.

Hours after Greece's ruling coalition announced Thursday that it had concluded an 11th-hour agreement on new austerity measures in an effort to satisfy foreign lenders, it seemed that everyone - from creditors abroad to political allies back home - was turning on the Greek leadership.

Mohamed El-Erian, chief executive officer and co-chief investment officer of Pacific Investment Management Co.

A man begs at a pedestrian crossing at Athens' main Syntagma square, on Tuesday, Feb.

The 2012 Treipenfest was Jan. 30 at Ginny's Supper Club in Rollingstone. The annual meal, served in two sittings, involved dozens of volunteers performing tasks ranging from arranging posters to peeling carrots.

Luxembourg Prime Minister Jean-Claude Juncker, who chairs meetings of euro zone finance ministers, said he would decide later on Wednesday whether to call finance ministers together on Thursday to discuss Greece's rescue package.

Eurogroup chief Jean-Claude Juncker lent support to a Franco-German proposal to set aside bailout funds for Greece in a special account to cover interest payments on its massive debt.

European leaders pressured Greece to cut a deal on Monday for a second international rescue package by agreeing to more painful reforms, warning that failure to act may lead to a debt default that could drive the country out of the euro zone.

Swiss central bank interim Chairman Thomas Jordan's resolve to defend its franc cap is being tested as discussions on Greece's debt burden persist, said analysts from Royal Bank of Scotland Group Plc to Standard Bank Plc.

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European services and factory output strengthened in January, led by growth in Germany and France, as the region's leaders sought a solution to the debt crisis.