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A Cyprus bailout is likely to be close to 10 billion euros ($13 billion), or much lower than forecast thanks to tax measures that are likely to boost revenues.
Chinks are showing in the Italian bond market's resilience to the political stalemate that followed last month's election.
European Central Bank President Mario Draghi gave EU leaders a crash course in macroeconomics late on Thursday, emphasizing his concerns about low productivity and high labor costs hurting the euro zone's prospects.
Inflation pressures in the euro zone are easing, giving governments and central bankers a touch more leeway for stimulus as the region's leaders seek to shift their focus to reviving economic growth.
Hungary's increasingly aggressive moves against media, judiciary and central bank independence will be discussed by European Union heads of states on Friday.
EU officials worked on a rescue package for Cyprus on Friday, hoping to get approval from the IMF and euro zone finance ministers later in the day.
EU and IMF officials planned to work on a rescue package for Cyprus through the night in Brussels to get an outline of a bailout program to euro zone finance experts.
Hungarian Prime Minister Viktor Orban dismissed criticism that changes his government has made to the constitution are anti-democratic.
European leaders meeting in Brussels on Thursday hinted that some countries could be given more time to meet their deficit goals as they address high unemployment and seek to ease the pain of tough austerity measures.
Italy's parliament convenes on Friday almost three weeks after last month's inconclusive election, with the parties still deadlocked over how to form a government.
Bank of England Governor Mervyn King said on Thursday that the central bank was not seeking any further fall in the level of sterling which now appeared to be fairly valued.
The Bank of Italy told Italian banks to further hike provisions they set aside against bad debts to take into account the worsening economic scenario and asked lenders which posted losses not to distribute dividends or bonuses.
UBS paid CEO Sergio Ermotti almost $9 million and welcomed its new investment bank chief with a $26 million "golden hello" in 2012.
Economic data boosts the buck, a jobs report sends the Australian dollar higher, and the yen dips as Bank of Japan nominees clear a hurdle - it's time for your FX Fix.
Two-thirds of Italians oppose returning to the ballot boxes after last month's national election left the country in limbo with no dominant political force, according to a poll published on Wednesday.
Greece's biggest lender, National Bank (NBG), said on Wednesday that Canadian investment fund Fairfax Holdings was interested in acquiring a stake in it by taking part in a planned recapitalization.
Economist Andreas Georgiou knew his job would not be easy. It was when he discovered his emails were being hacked and leaked that the real challenge of taming his country's approach to official statistics hit home.
Germany has ignored calls from its euro zone partners for more economic stimulus by tabling plans to cut spending and balance its budget ahead of schedule on the eve of an EU summit dedicated to growth. The Financial Times reports.
An American expatriate writer and a Latvian economist-cum-composer have turned an online tiff between Estonia's president and Nobel-winning economist Krugman into high art, the Christian Science Monitor reports.
Think a celebrity job is all glitz? A headhunter and Lady Gaga's bodyguard detail some required skills.