European Union

Finance ministers and central bank governors of the Group of Seven wealthiest nations gathered in Dresden May 28 to discuss the global economy and tax evasion, but the Greek crisis was also high on everyone's minds.

International Monetary Fund (IMF) Chief Christine Lagarde said that Greece had a lot of work to do before a cash-for-reforms deal could be clinched with its creditors from the European Commission, European Central Bank and the IMF.

A European Central Bank policymaker played down the prospects for an immediate loosening of funding for cash-strapped Greece, saying that when it came to accepting the country's bonds as security for central bank credit, the answer remained no.

The best of more than 100 high school and university students who took part in the final of the "Company of the year 2015" youth entrepreneurship competition on Wednesday were presented prizes at the "Invest in Education! - Business Hall of Fame" gala.

 Frankfurt sends strong message to Greece by not further extending limit of ELA liquidity for banks

By Yiannis Papadoyiannis

Greeces place in the euro currency bloc looked increasingly shaky on Saturday after eurozone nations rejected a monthlong extension to its bailout program and the prime minister called for a risky popular vote on the country's financial future.

By Andrea Wong

The euro rose against most of its major peers on speculation that Greece was moving closer to reaching a deal with its creditors, alleviating concern the indebted nation will exit the shared currency.

US Treasury Secretary Jack Lew called Wednesday for Greece's debt crisis to be resolved quickly to avoid the risk of "accidents", as G7 finance ministers gathered.

"Brinkmanship is a dangerous thing when it only takes one accident," he said in a talk at the London School of Economics university.

The European Union and Switzerland signed a major accord on May 27 that will end banking secrecy for EU residents and prevent them from hiding undeclared income in Swiss banks, the European Commission said.

The agreement deals "another blow against tax evaders, and (represents) another leap towards fairer taxation in Europe," said Pierre Moscovici, the EU commissioner for tax issues.

The European Commission proposed on Wednesday a draft EU budget for 2016, amounting to EUR 143.5 B.

The budget is aimed to support the recovering European economy and help improve lives in Europe and beyond, the Commission's press service reports.