Debt crisis sets markets in turmoil amid reports of talks about the break up of the eurozone. Reports that Germany and France have begun talks to break up the eurozone amid fears that Italy will be too big to rescue. Fears that Europe’s sovereign debt crisis was spiralling out of control have intensified as political chaos in Athens and Rome, and looming recession, created panic on world markets. Reports... 

Chinese Foreign Ministry spokesman Hong Lei Chinese Foreign Ministry has rejected the idea of imposing additional sanctions against Iran, calling for further dialogue to resolve concerns around the Islamic Republic’s nuclear issue. “We always believe that dialogue and cooperation is the right way to solve the Iranian nuclear issue,” said China’s Foreign Ministry spokesman Hong Lei... 

French Prime Minister Francois Fillon delivers a speech during a press conference at Matignon, in Paris, Monday, Nov. 7, 2011. The French Prime Minister announces the country’s second austerity package in less than three months with the aim of protecting France from the widening eurozone crisis and avoiding credit rating downgrade. “The time has come to adjust France’s efforts. With... 

Announcement: Federal Reserve Chairman Ben Bernanke attends a news conference following a two-day policy session in Washington D.C. on Wednesday Europe’s debt crisis poses huge risks to America – while improvements in growth and unemployment are going to be much slower than first thought. Those were today’s dire warnings from the U.S. central bank, although it did note the strengthening in... 

People shop at a fish and meat market in central Athens faces a meltdown following as a 7.06 percent fall in stocks, November 1, 2011. Greek stocks have plunged more than seven percent as Athens finds itself between mounting anti-austerity protests at home and a furious eurozone. Greece witnessed a meltdown on Tuesday with stocks 7.06 percent down at close, AFP reported. The government called an emergency... 

A German "Dolphin" submarine docks at the port of Haifa in Israel. The German government is threatening to halt the delivery of a submarine capable of firing nuclear warheads in protest of the Israeli government’s recent decision to build new homes in the Arab part of Jerusalem. Earlier this year, SPIEGEL reported that Germany’s subsidized submarine sales program is linked to... 

State Department spokeswoman Victoria Nuland The US says it is cutting funding to UNESCO in response to the UN cultural organization’s decision to admit Palestine as a full member. Describing the decision as “regrettable and premature”, State Department spokeswoman Victoria Nuland told reporters on Monday that Washington would stop all financial contributions to the UN Educational,... 

West to East: EU officials have been refused help by China as the balance of power shifts. Hopes that China will ride to the rescue of the single currency were dealt a blow last night after Beijing warned that it will not be Europe’s ‘saviour’. State-run news agency Xinhua said the country cannot ‘provide a cure for the European malaise’. It came after European officials begged China for... 

OWS protesters in New York City. Occupy Wall Street (OWS) protesters in New York are planning a new mass rally against bank foreclosures which have left thousands of Americans homeless over the past years, Press TV reports. OWS organizers say protesters are to gather in Liberty and Square from there march to Queens, the foreclosure capital of New York. Earlier, about 400 New York protesters marched... 

Israelis angered by the spiralling cost of living chant slogans during a protest on October 29, 2011 Tens of thousands of people took to the streets of Tel-Aviv and across Israel to protest against economic injustice. The protest’s organizers are demanding that the Knesset rewrite the 2012 budget “taking into account the demands of the people.” The latest rally comes after a wave of social... 

Humiliating phone call: It has been revealed that Nicolas Sarkozy contacted Chinese leader Hu Jintao to ask for investment and backing of the European fund. Further embarrassment as one trillion euro bailout fund announced yesterday does not really exist. Europe is holding out the begging bowl to China in an effort to keep the rescue package for the single currency alive. In a clear sign of how the... 

European banks agreed early on Thursday to write off 50 per cent of Greek debt. The deal was reached during an emergency summit in Brussels overnight. The EU and the IMF will also give the country another one hundred billion euros in rescue loans. An agreement on expanding the bailout fund to one trillion euros followed immense pressure on EU leaders after multiple delays in anti-crisis action. Athens... 

As the eurozone crisis continues to dominate European political business, Gunnar Wetterberg, an analyst at white collar union Saco, has stated the case for a Nordic Union and currency, to counter the threat of a euro collapse. Wetterberg argued in an opinion article in the Dagens Nyheter (DN) daily on Tuesday that a federal Nordic state would enable Scandinavian countries to be more resilient in the... 

US Senator Jim Webb China is one of the biggest economies in the world and grew at more than 9 percent over the last year. It also has loaned more than $1 trillion to the U.S. to fund its deficit-spending. But at the same time, the U.S. sends foreign aid to China, which lawmakers of all stripes say is just plain nuts. “Why in the world would we be borrowing money and then turn around and giving... 

Only three months after Standard & Poor’s downgraded America’s credit rating, the other two top agencies — Moody’s and Fitch — could be considering a downgrade of their own in the very near future. This news comes from a report out of one of the biggest names in the banking industry, Bank of America Merrill Lynch, issued on Friday. “The credit rating agencies have strongly suggested...