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Spain on path to surmount economic crisis, experts say

Mexico City, May 20 (EFE).- Spain is enduring an economic crisis reminiscent of those that wracked Latin American countries in previous decades, but the Iberian nation is now in a position to emerge from recession thanks to the steps Madrid has taken over the last few years, experts said here Monday. "The country is moving, it has made peace with the losses, knows that the growth model of the past was not sustainable and is in transition to another model," the Inter-American Development Bank's chief economist, Spaniard Jose Juan Ruiz, said.

France must reform or face punitive measures: EU's Oettinger

By Erik Kirschbaum BERLIN (Reuters) - France should only be granted more time from the European Commission to cut its deficit if it also introduces reform measures, EU Energy Commissioner Guenther Oettinger was quoted saying on Monday. Oettinger, a former state premier in Germany and a respected leader in Chancellor Angela Merkel's Christian Democrats (CDU), joined a chorus of senior German officials and CDU figures to issue warnings against allowing France to backslide on its austerity commitments.

Greek neo-Nazis threaten to mobilise against mosque

Greek neo-Nazi party Golden Dawn has threatened to mobilise 100,000 people against plans to build a mosque in Athens, state television reported on Monday. "If a mosque is constructed for Islamist criminals in Greece, a front of 100,000 Greeks headed by Golden Dawn will be created," party spokesman Ilias Kasidiaris told supporters at a rally late on Sunday, in footage broadcast by state television.

Peace stone from Hiroshima presented to Kosovo

A Hiroshima-based civic group on Monday presented the former Yugoslav autonomous region of Kosovo with a stone from the 1945 atomic bombing of the Japanese city, engraved with an image of a Buddhist goddess of mercy.

Vanuatu scraps recognition of Georgia breakaway region

The tiny Pacific island nation of Vanuatu has withdrawn its recognition of Georgia's breakaway region of Abkhazia, Georgian President Mikheil Saakashvili said Monday in the latest twist in an often bizarre diplomatic dispute. "The Prime Minister of Vanuatu has just confirmed to me his decision that they have changed their mind on Abkhazia's recognition, that they recognise Georgia's territorial integrity," Saakashvili said in a statement posted on Youtube.

RugbyU: Former Wales star Watkins diagnosed with cancer

Former Wales centre Matthew J Watkins on Monday revealed he has been diagnosed with a rare form of cancer. Watkins won 18 caps for his country, making his first appearance against Italy in 2003, and his last against Argentina in 2006. The 34-year-old also had spells with the Scarlets, Newport Gwent Dragons and Gloucester before retiring in 2011. Watkins has since worked as a skills coach with Welsh Premiership side Cross Keys. He is to undergo treatment at the Velindre Cancer Centre in Cardiff for cancer of the right pelvis.

Most Portuguese reject latest bailout conditions

The latest draconian measures to shore up the Portuguese economy will make matters worse and the government should break the agreement with the IMF and European Union or obtain better terms, an opinion poll found on Monday. But most Portuguese people also hold that when a bailout programme with the so-called troika of the IMF, EU and European Central Bank ends in June 2014, the economic crises in Portugal will worsen and unemployment will rise.

Serbia arrests eight over pharma firm embezzlement

Serbian police on Saturday arrested eight people suspected of embezzling some 12 million euros ($15 million) from the country's main pharmaceutical firm Galenika. The eight, including a former Galenika manager, are suspected of misappropriating the money through fraudulent deals while buying raw materials for medicine and through illegal sales of medicine, Serbian police head Milorad Veljovic told reporters. The arrests were carried out in Belgrade and two other Serbian towns, he added.

Top officials seek to address euro currency's institutional failings, seek end to IMF role

BERLIN - Engineering a financial bailout for Cyprus in March was such a chaotic process that top European officials say it is time to rethink how the region manages its crisis — and who should be involved. Officials say the International Monetary Fund, which has contributed financial expertise and billions in emergency loans, may no longer be needed as a key decision-making partner. And they say that the eurozone would be able to make decisions and take action more quickly if it wasn't bound by the need for unanimous agreement among its 17 member countries.

European Commission predicts Greek recession to end in 2014 but unemployment to stay high

ATHENS, Greece - Greece's deep, six-year recession is likely to end in 2014, but growth will be weak and unemployment will remain above 20 per cent for another three years, the country's international debt inspectors said. The European Commission issued the gloomy predictions Friday in a 237-page assessment of Greece's bailout agreement, as the country formally received its latest emergency loan payout, worth 4.2 billion euros ($5.4 billion).
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