MOSCOW (Reuters) – The Group of 20 nations will not single out Japan over the weak yen and will disregard a call from G7 powers to refrain from using economic policy to target exchange rates, according to a text drafted for finance leaders.

A G20 delegate who has seen the communique – prepared by finance officials for their bosses – also said it would make no direct mention of new debt-cutting targets, something Germany is pressing for but which the United States wanted struck out.

MOSCOW (Reuters) – The European Union will urge the United States and Japan on Friday to consolidate public finances over the medium term to remove what it believes is one of the main risks to the global economy now.

If Washington and Tokyo were to heed the call, it would also help solve the issue of “currency wars” — the weakening of the U.S. dollar and the Japanese yen as a result of monetary and, in the case of Japan, also fiscal stimulus, because tighter fiscal policy would make the currencies stronger.

MOSCOW, Feb 15 (Reuters) – The Group of 20 major economies
struggled on Friday to find common ground on currencies and
borrowing, exposing rifts between advocates of a dash for growth
and supporters of more austerity to revive the world economy.

A meeting in Moscow of finance officials from the G20
nations, which account for 90 percent of the world’s gross
domestic product and two-thirds of its population, looked likely
to be dominated by sparring over Japan’s expansive policies that
have driven down the value of the yen.

MOSCOW (Reuters) – The Group of 20 major economies struggled on Friday to find common ground on currencies and borrowing, exposing rifts between advocates of a dash for growth and supporters of more austerity to revive the world economy.

A meeting in Moscow of finance officials from the G20 nations, which account for 90 percent of the world’s gross domestic product and two-thirds of its population, looked likely to be dominated by sparring over Japan’s expansive policies that have driven down the value of the yen.

BRUSSELS, Feb 12 (Reuters) – The European Commission is not
working on a debt restructuring for Cyprus that would force
heavy losses on investors, the EU’s top economic official said
on Tuesday, backing the island’s finance minister who is firmly
opposed to such a move.

Cyprus needs about 17 billion euros ($23 billion) from the
euro zone to recapitalise its banking sector and to finance
government spending over the next three years, which is almost
as much as the whole Cypriot economy produces in a year.

BRUSSELS, Feb 11 (Reuters) – France insisted on Monday that
euro zone finance officials should discuss the rising strength
of the euro, but several ministers played down the issue and the
G7 was expected to call for “market-determined” exchange rates.

French President Francois Hollande last week raised the
possibility of political interference in exchange rate policy
when he called for a medium-term target for the euro’s value, a
move to counter its recent appreciation.

BRUSSELS (Reuters) – European Union leaders reached agreement on the first ever cut in their common budget on Friday after 24 hours of intense negotiations, seeking to placate millions at home struggling through government cutbacks and recession.

The expected deal met the demands of northern European countries such as Britain and the Netherlands that wanted belt-tightening, while maintaining spending on farm subsidies and infrastructure to satisfy the likes of France and Poland.

BRUSSELS (Reuters) – A high-profile summit to negotiate the EU’s next long-term budget was delayed by more than five hours and then got off to a shaky start on Thursday after stark differences emerged between Britain, France and other countries over the headline figures.

European Council President Herman Van Rompuy, the chair and chief negotiator of the talks, had intended to put a budget plan to EU leaders on Thursday evening, but postponed the move after it became clear there was insufficient grounds to strike a deal.

BRUSSELS (Reuters) – Just when European leaders thought they were getting to grips with three years of economic turmoil, along came Cyprus, a seemingly small problem but one that cannot be ignored.

While the Cypriot economy may be worth only 18 billion euros, making it the third smallest in the euro zone, the problems it poses are among the most complex Europe has faced, combining elements of Greece, Spain and Ireland.

BRUSSELS, Jan 31 (Reuters) – Just when European leaders
thought they were getting to grips with three years of economic
turmoil, along came Cyprus, a seemingly small problem but one
that cannot be ignored.

While the Cypriot economy may be worth only 18 billion
euros, making it the third smallest in the euro zone, the
problems it poses are among the most complex Europe has faced,
combining elements of Greece, Spain and Ireland.