Italy News
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The euro had its biggest weekly loss since December against the dollar as Greece’s anti-bailout party gained in the polls and amid a deepening crisis in Spain.
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The European Union will seek to give regulators the power to impose writedowns on senior unsecured creditors at failing banks as part of measures to prevent taxpayers from footing the bill for saving crisis-hit lenders.
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Chancellor Angela Merkel left the door open to a compromise on debt sharing in the euro area as Italian Prime Minister Mario Monti said he can help bring Germany around to acting in Europe’s “common good.”
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European stocks posted their first weekly advance in a month as China pledged to bolster growth and a three-week selloff left the Stoxx Europe 600 Index at its cheapest level since January.
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