Economy

2ND ROUNDUP: EU "cliques" undermine unity over economy, officials say

EU "cliques" undermine unity over economy, officials sayBrussels - The European Union flirted with chaos Monday as top diplomats complained about a "cliquey" response to the recession and failed to agree on the use of community funds to aid economic recovery.

"I must admit I'm extremely worried about the EU's institutional chaos. Never in the EU's history has there been a period like this with so many cliques," Finnish Foreign Minister Alexander Stubb said after regular talks in Brussels with his EU counterparts.

NEWS FEATURE: Egypt fears loss of tourist dollars after bomb attack

Egypt fears loss of tourist dollars after bomb attackCairo - Refaat al-Sheikh, like many of the shop owners in Cairo's Medieval Khan al-Khalili bazaar, on Monday sat idly on a wooden chair in front of his shop with a sad look on his face.

"The situation is as you can see," he told Deutsche Presse-Agentur dpa, gesturing at normally bustling market streets now populated mostly by police and journalists.

"First the financial crisis, and now this bomb?"

ROUNDUP: EU "cliques" undermine unity over economy, officials say

EU "cliques" undermine unity over economy, officials sayBrussels  - The European Union flirted with chaos Monday as top diplomats complained about a "cliquey" response to the recession and failed to agree on the use of community funds to aid economic recovery.

"I must admit I'm extremely worried about the EU's institutional chaos. Never in the EU's history has there been a period like this with so many cliques," Finnish Foreign Minister Alexander Stubb said after regular talks in Brussels with his EU counterparts.

Obama stresses fiscal responsibility ahead of budget unveiling

Obama stresses fiscal responsibility ahead of budget unveilingWashington  - US President Barack Obama is urging states to spend the government's money wisely despite a deepening recession, ahead of his annual address to Congress Tuesday that will outline the long-term budget priorities for his administration.

Addressing a meeting of the country's governors Monday in Washington, Obama said he was relying on states to quickly implement the 787-billion-dollar stimulus package that became law last week and is aimed at halting the country's disastrous economic slide.

Massive protest in Dublin over government's handling of economy

Massive protest in Dublin over government's handling of economy Dublin - Up to 120,000 people protested in the Irish capital Dublin on Saturday against the government's handling of the economy and the activities of the banks during the financial crisis.

The demonstration, one of the largest ever in the city, was called for by a number of Ireland's unions. State employees vented their anger over government cutback plans and the effect that the recession, which began late in 2008, is having on workers.

ROUNDUP: Germany presents G20 wish list, calls for more regulation

Germany presents G20 wish list, calls for more regulation Berlin  - German Chancellor Angela Merkel called Saturday for unified international rules for the financial markets, on the eve of a meeting with the heads of Europe's leading economies.

There could no longer be "blank spots" where regulations don't apply in the wake of the financial meltdown, Merkel said in her weekly video podcast.

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