Former US treasury secretary Lawrence Summers has withdrawn from consideration to be chairman of the Federal Reserve, saying it would hurt the nation for him to go forward with what would be a contentious confirmation before the US Senate.

All it took to derail a day of stock market gains was a headline saying that Greece was preparing to leave the euro.

All it took to derail a day of stock market gains was a headline saying that Greece was preparing to leave the euro.

THE European Central Bank said it will lend dollars to eurozone banks in a series of three-month loans as the region’s debt crisis limits market access to the US currency.

Washington: Treasury Secretary Timothy Geithner is considering stepping down later this year, but will not make a decision until contentious negotiations over the US debt ceiling are completed.