Vital for Greece to stay within the eurozone

Greece's new coalition cabinet and Prime Minister-designate Lucas Papademos are due to be officially sworn in, after a week of political chaos. The new government's most pressing task is to approve Greece's recent EU bailout package and avoid bankruptcy.

Mr Papademos, who is not an elected MP, has said his priority will be to keep Greece in the eurozone. He is tasked with putting the debt-laden country back on track until elections, probably in February.

Outgoing Prime Minister George Papandreou was forced to step aside after a disastrous call for a referendum on the eurozone rescue package.

The referendum plan was dropped within a few days, but not before sparking a financial and political crisis that threatened to engulf the eurozone.

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Italian Prime Minister faces key vote as economic crisis becomes visible

Italy’s PM Silvio Berlusconi is facing a critical vote on the budget, amid fears that Italy could be the next victim of the eurozone debt crisis. Mr Berlusconi has survived dozens of confidence votes throughout his tenure. He denies he plans to resign, but will meet coalition partners after the vote.

The Italian government’s cost of borrowing has risen to a new record ahead of a key vote for Prime Minister Silvio Berlusconi. The yield on Italian 10-year bonds rose to 6.73%, the highest since the euro was founded in 1999. Investors fear that the eurozone’s third-biggest economy could become the next victim of the debt crisis.

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G20 tries to finds solution to debt crisis

The G20 leaders are set to prolong their talks on Friday as they seek to find a sustainable solution to the euro zone debt crisis.

They are expected to converse ways to increase the firepower of the International Monetary Fund (IMF).

The hope is that increased resources will help the IMF to support struggling eurozone economies, such as Greece.

There have also been calls for a "financial firewall" to protect vulnerable economies such as Italy.

The US President, Barack Obama, said on Thursday that resolving the eurozone debt crisis was "the most important aspect of our task over the next two days".

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