US President Barack Obama says the financial crisis rippling through Europe is “scaring the world” and that steps taken by European nations to stem the eurozone debt problem “haven’t been as quick as they need to be.”

US Treasury Secretary Timothy Geithner has created waves at a meeting of EU Finance Ministers by urging them to leverage the EU bailout fund to better tackle the debt crisis.

The Tánaiste Eamon Gilmore is refusing to say what plans are in place for the Irish economy in the event of a Greek debt default.

THIS summer’s volatility across global stock markets continued yesterday, with Thursday’s gains wiped out amid widespread investor nervousness over the European banking sector and whether US President Barack Obama’s $447 billion (€327bn) job creation plan stands up.

French Finance Minister Christine Lagarde is poised to become the next leader of the scandal-rocked International Monetary Fund, with a major endorsement from the Obama administration.

Tánaiste and Foreign Affairs Eamon Gilmore today said he remains confident that Ireland will get a lower interest rate on the European portion of our bailout.

The US Treasury Secretary Timothy Geithner has said Dominique Strauss-Kahn is "not in a position to run" the International Monetary Fund after his arrest over an alleged sexual assault.

US Treasury Secretary Timothy Geithner says Dominique Strauss-Kahn should no longer lead the IMF.

US Treasury Secretary Timothy Geithner today reassured investors that the White House and Republican politicians will reach a deal to control finances, downplaying a warning that the government risks losing its coveted debt rating if it fails.

The US Treasury Secretary Tim Geithner is in Europe today to put pressure on leaders for united action on the deepening debt crisis.

US Federal Reserve chairman Ben Bernanke has been unveiled as Time magazine’s person of the year for 2009.

British Prime Minister Gordon Brown tonight suffered an embarrassing rebuff when he floated the prospect of a new tax worldwide, only to have it flatly and publicly rejected by the United States and other major financial players.

The leaders of the world’s largest economies begin two days of meetings today in search of a common approach to advance a fledgling economic recovery and prevent new financial meltdowns.

The FTSE 100 Index slid into the red today as retail stocks came under pressure for the second day in a row.

The Tánaiste arrives in Washington today for talks with members of the Obama administration.

US President Barack Obama continued to push the case for his ambitious budget today during a televised speech in which he said progress was being made, but economic recovery would take time.

Wall Street got the news it wanted on the US economy's biggest problems - banks and housing - and responded with a rally that hurtled the Dow Jones industrials up nearly 500 points.

Investors sent Washington a message this week: They won’t commit to stocks until the government commits to a plan.

US president-elect Barack Obama has made helping the troubled US car industry a “high priority” of his administration.

The $700bn (€559bn) rescue package for the US economy will not be used to buy troubled assets, US Treasury Secretary Henry Paulson said today.

As one of the President's top economic advisers admitted parts of the US are in a recession, the Bank of America's chief executive vowed to plough bail-out cash into loans and profit growth.

The US government will move ahead with a plan to buy stock in financial institutions, US Treasury Secretary Hank Paulson said.

Asian markets were mixed today as investor enthusiasm over rate cuts around the world gave way to persistent fears over the severe strains in credit markets and the prospect of a global recession.

The chief executive of the giant investment bank whose collapse set off a panic which led to the US economic rescue package took home more than €222m since 2000, he told the US Congress.

US Congress has heard that Lehman Brothers, days away from becoming the largest bankruptcy in US history, was pleading for a US rescue on one hand while steering millions in dollars to departing executives on the other.

The US Senate passed a €487bn rescue package for the nation’s troubled economy today.

US political leaders were today making a final push for an agreement on a $700bn bailout for the nation’s troubled financial markets.

The ISEQ has plunged 5.95% to 3,739.45 - down 236 points - as stock markets dipped today as scepticism persisted about a US bail-out plan ahead of Congressional testimony by US Treasury Secretary Henry Paulson and Federal Reserve chairman Ben Bernanke.

US Treasury Secretary Henry Paulson said today the country had no option but to put in place an expensive and bold rescue plan to save the economy.

Asian stock markets soared today as a news of a US government plan to rescue banks from risky mortgage debt brought hope of a let-up in the world’s worst financial crisis in decades.

US Federal Reserve officials and bank bosses are understood to be locked in talks today as they scramble to secure a rescue deal for embattled US investment bank Lehman Brothers.

European Central Bank President Jean-Claude Trichet today welcomed the US government's decision to rescue mortgage giants Fannie Mae and Freddie Mac.

The London market shrugged off disappointing UK growth figures to post steady gains today.

Wall Street moved sharply higher today after the Commerce Department reported an unexpected increase in retail sales last month and eased some concerns about consumers’ willingness to spend despite economic uncertainty.

Wall Street finished essentially flat today, with investors still confident the Federal Reserve will lower rates next week but treading cautiously as oil prices crossed $80 a barrel for the first time and the dollar extended its decline.

US Filmmaker Michael Moore has asked the Bush administration to call off an investigation of his trip to Cuba to get treatment for ailing September 11 rescue workers for a segment in his upcoming health-care expose, Sicko.

China’s leaders pledged to cut its soaring trade surplus in an economic plan for 2007 issued ahead of a visit next week by US Treasury Secretary Henry Paulson for talks on commerce and other contentious issues.

Wall Street ended a lacklustre session little changed today after a speech by Federal Reserve Chairman Ben Bernanke failed to give investors any hints about US interest rate policy despite their concerns that the economy might be slowing too fast.

US Treasury Secretary John Snow has resigned and will be replaced by Goldman Sachs Chairman Henry Paulson, in another chapter of a White House shake-up to revive President George Bush’s troubled presidency.

THE euro hit a record high against the dollar for a second day on Friday last, rising above $1.3540, as investors worried about the US current account deficit and economy, and pushed the single currency higher in thin holiday trade.

The United States’ trade deficit is soaring and the once high-flying dollar has sunk to record lows against Europe’s common currency but US President George Bush’s administration has reacted with remarkable calm to developments that raise worries about a possible dollar crisis.

A LIBYAN-BORN Irishman has been named by United States authorities as the director of a European al-Qaida cell.

World finance ministers pledged to do more to deal with the crushing burden of global poverty, promising help in education, debt relief and AIDS.