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- Europe thinks the unthinkable on Greece
BRUSSELS/LONDON (Reuters) - European officials are working on contingency plans in case Greece bombs out of the euro zone, the EU's trade commissioner said on Friday, while Berlin said it was prepared for all eventualities. European shares were on course for their steepest weekly decline since November and are now in the red for the year, spooked by the prospect of a Greek euro exit sparking a wave of contagion in the currency bloc which could engulf much larger economies such as Spain's. ...
- EU, ECB working on Greece exit contingency: trade commissioner
BRUSSELS (Reuters) - The European Commission and the European Central Bank are working on scenarios in case Greece has to leave the euro zone, EU trade commissioner Karel De Gucht has said. Speculation about such planning has been rife, but the comments in a newspaper interview, confirmed by a person close to De Gucht, appear to be the first time an EU official has acknowledged the existence of contingency plans being drawn up in case Greece has to drop out of the currency bloc. ...
- EU, ECB working on Greece exit contingency: paper
BRUSSELS (Reuters) - The European Commission and the European Central Bank are working on an emergency scenario in case Greece has to leave the euro zone, EU trade commissioner Karel De Gucht said in an interview published on Friday. The comments would appear to be the first time that an EU official has confirmed the existence of contingencies being taken for a possible Greek exit from the currency bloc. Speculation has been rife about such plans, but their existence has not been confirmed. ...
- Cannes arrival
French director Jacques Audiard, French actress Marion Cotillard and Belgian actor Matthias Schoenaerts (R) arrive for the screening of "De Rouille et D'Os" (Rust and Bone) presented in competition at the 65th Cannes film festival in Cannes.
- Huawei: EU contract plans may signal more curbs
BRUSSELS (Reuters) - China-based Huawei criticized on Wednesday proposals by the European Union to block non-EU companies from lucrative public contracts, saying such a move may pave the way for more restrictions on doing business in the bloc. The European Commission proposed in March to exclude foreign companies from EU contracts worth more than 5 million euros ($6.37 million) if the countries where they are based repeatedly discriminate against EU firms. The move came amid mounting trade tensions between Europe, China and the United States. ...
- Obama, Monti agree Europe ought to "intensify" growth: White House
WASHINGTON (Reuters) - President Barack Obama and Italian Prime Minister Mario Monti on Tuesday discussed the need for Europe to do more to boost growth, speaking ahead of a weekend meeting of Group of Eight (G8) leaders at Camp David, Maryland, the White House said. Obama and Monti "discussed the current economic situation in Europe and agreed on the need to intensify efforts to promote growth and job creation," the White House said in a readout of their telephone call. (Reporting By Alister Bull)
- In breakthrough, Pakistan leader to attend NATO summit
WASHINGTON/BRUSSELS (Reuters) - Pakistani President Asif Ali Zardari will attend a summit of NATO leaders in Chicago this weekend, the Pakistan Embassy in Washington said on Tuesday, ending speculation Islamabad might be excluded from the high-level talks on Afghanistan's future. Nadeem Hotiana, an embassy spokesman, confirmed Zardari's attendance at the May 20-21 summit, a sign Washington and Islamabad may finally be able to significantly improve ties following the NATO air strike in November that killed 24 Pakistani soldiers and prompted Pakistan to shut NATO supply routes into Afghanistan. ...
- NATO invites Pakistan to Chicago summit
BRUSSELS (Reuters) - NATO said on Tuesday it had invited Pakistan to a summit in Chicago next week, lifting a veiled threat that it might exclude the country from the talks on the future of Afghanistan. "Allies decided to invite President (Asif Ali) Zardari of Pakistan to Chicago to the meeting on Afghanistan, which will include ISAF contributor nations, as well as Japan, Russia, other countries from the region and international organizations," NATO spokeswoman Oana Lungescu said in a statement. ...
- Insight: In Europe, carmakers talk plant closures
GENEVA/BRUSSELS (Reuters) - Under the lights of the Geneva motor show in March, Europe's top auto executives boasted about the new features of their latest models and tried to out-hype their rivals. The next morning, in a hotel conference room just across the way from Geneva's convention centre, the same executives all sat down to work out how to fix their huge overcapacity problem. At a board meeting of the European automaker's lobby group ACEA, the bosses of Volkswagen, Daimler, BMW, Peugeot, Renault, Fiat and Opel decided it was time to discuss the elephant in the room: plant closures. ...
- Britain blames economy woes on euro zone
BRUSSELS (Reuters) - Chancellor George Osborne on Monday blamed Britain's economic woes on turmoil in the euro zone, defending the case for his government's austerity programme. "The euro zone crisis is having a real impact on growth across the European continent, including Britain," Osborne said before meeting European finance ministers in Brussels on Tuesday. His comments are likely to irritate fellow European governments who are trying to stem a sovereign debt crisis. ...
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