Topic: Britain

The Greek cabinet approved a draft bill spelling out reforms required by the EU and the IMF on Friday, taking Athens closer to getting a new 130 billion-euro bailout after the prime minister warned the alternative was "catastrophe."

After appearing to be resolved, Greece's bailout is unraveling again. Renewed fears of a Greek default sparked a broad selloff in financial markets Friday.

Bob Diamond, chief executive of Barclays, faced a barrage of questions about his bonus as the bank announced its results Friday.

Greece's largest police union has threatened to issue arrest warrants for officials from the country's European Union and International Monetary Fund lenders for demanding deeply unpopular austerity measures.

European Union diplomats and the European Parliament agreed on Thursday to overhaul regulation of the roughly $700 trillion derivatives market, a move that will make it easier to control one of the most opaque areas of finance.

Striking Greek workers denounced a new wave of austerity on Friday as an imposition too far by Europe and the IMF.

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.

The British bank warned it may miss its medium-term profitability target after it ended 2011 with its worst quarter for three years as the euro zone debt crisis hit bond trading, dragging its annual profit down on the year before.

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.

Germany expects the Eurogroup to take no decision on a Greek bailout and accompanying bond swap at a meeting later on Thursday, a government official said, as the ground had not yet been laid for a deal.

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 Bank of England voted to inject another 50 billion pounds ($79.3 billion) into the financial system as part of its efforts to shore up a fragile recovery in the economy, which remains at risk of slipping back into recession.