Socialist Francois Hollande swept to victory in France's presidential election on Sunday in a swing to the left at the heart of Europe that could start a pushback against German-led austerity.
Hollande beat conservative incumbent Nicolas
President Nicolas Sarkozy's chances of holding on to power were fading two days before France's election runoff, with far-right and centrist leaders refusing to endorse him and his usually bland Socialist rival performing confidently in a
Britain and France clashed over credit ratings on Friday, adding to tensions that erupted over British Prime Minister David Cameron's veto of a treaty on euro zone fiscal integration.
Britain's Deputy Prime Minister Nick Clegg told French
The debt-stricken euro zone was back in the firing line yesterday after last week's EU summit deal afforded only a brief respite and leaders warned of a two-speed Europe.
Ratings agency Moody's was first to turn the screw. It declared the
Standard & Poor's fired a second warning shot at the euro zone in 24 hours on Tuesday, threatening to cut the credit rating of its financial rescue fund as European leaders raced to find a political solution to their sovereign debt crisis.
The euro faces a decisive week as European Union (EU) leaders, urged on anxiously by the US, seek agreement on the definitive rescue plan that has eluded them for two years.
Despite short-term market optimism about a possible deal to tackl
French President Nicolas Sarkozy branded Israeli Prime Minister Benjamin Netanyahu 'a liar' in a private conversation with US President Barack Obama that was accidentally broadcast to journalists during last week's G20 summit in Cannes
German Chancellor Angela Merkel will thrash out differences with French President Nicolas Sarkozy on Sunday over how to use the euro zone's financial firepower to counter a sovereign debt crisis threatening the global economy.
With the tur
European banks may need more than 100 billion euros ($135 billion) to withstand the sovereign debt crisis, said Ireland ahead of a key meeting of Europena leaders.
German Chancellor Angela Merkel and French President Nicolas Sarkozy w
Morocco has started work on a high-speed train network to link Casablanca, Morocco's economic capital, with Rabat and Tangiers being built at a cost of 33 billion Moroccan dirhams ($4 billion).
When the project is completed in 2015, it