Topic: The Netherlands

European shares ended the week lower after euro zone leaders imposed further conditions on Greece to receive its next rescue package and the country's far-right leader said he could not vote in favor of the bailout deal.

For all the struggles that Greece has gone through to satisfy its demanding lenders, Europe’s troubles are not going away, the New York Times reports.

Greek political leaders said they had clinched a deal on economic reforms and spending cuts needed to secure a second bailout, but euro zone finance ministers demanded more measures and a parliamentary seal of approval before providing the aid.

Greek leaders clinched a long-stalled deal on reforms and austerity measures needed to secure a bailout and avoid a messy default just hours before the country's financial backers were to meet in Brussels on Thursday.

ECB President Mario Draghi pledged relaxed rules for banks taking part in a long-term refinancing operation, boosting hopes that additional liquidity will be injected but played his cards close to his chest on the issue of Greek debt.

European shares closed in the green but off their session highs, as Wall Street was broadly flat, with enthusiasm over a deal in Greece on new austerity measures waning.

The German model is often cited as an example for European nations seeking to cut unemployment. But critics say the reforms that helped create jobs also broadened and entrenched the low-paid and temporary work sector, boosting wage inequality.

The European Central Bank is widely expected to leave interest rates on hold on Thursday, reassured by signs that the economy started 2012 on a brighter note and hopeful that more cheap loans to banks at the end of this month will get them lending to each other again.

Euro zone banking liquidity concerns have all but disappeared thanks to the European Central Bank's injection of long-term loans, but building an effective firewall against sovereign stress requires more work, a top ECB official said on Wednesday.

Italian Prime Minister Mario Monti is confident reforms undertaken by his country over the last few months will help soften any blow from an unruly default by euro zone partner Greece.

Another batch of the riskiest mortgage-backed securities once owned by the American International Group are being auctioned off this week, according to two people familiar with the matter, a sale that would bring the insurance giant’s 2008 meltdown once step closer to a resolution.

European shares closed mixed as positive investor sentiment on Greece was tempered by repeated delays in starting Wednesday's meeting on reform measures.

European shares turned mixed after Wall Street stocks rose, with investor sentiment worldwide affected as Greek leaders face crunch talks to secure a fresh bailout package and avoid a messy default.

A meeting of Greek political leaders to discuss a 130-billion-euro bailout scheduled for Tuesday has been postponed to Wednesday, a Greek government official said.

Europe's debt in late 2011 stood well above the EU's limits for a healthy economy, with even powerhouse Germany bearing a debt load that could take decades to pay down, although borrowing as a proportion of output was smaller than for the United States.