A look at economic developments around the globe

AP News
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Posted: Dec 19, 2011 5:30 PM
A look at economic developments around the globe

A look at economic developments and activity in major stock markets around the world Monday:

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BRUSSELS _ European Union finance ministers have come up $65.19 billion short of their goal of providing the International Monetary Fund with $260.78 billion to help heavily indebted nations avoid default

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LONDON _ European and U.S. stocks edged higher, steadying market sentiment after sharp drops in Asia, where investors worried about the potential consequences of the death of North Korea's absolute ruler, Kim Jong Il.

Germany's DAX rose 0.8 percent and Paris' CAC 40 index rose 1 percent. Britain's FTSE was flat.

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TOKYO _ Japan's Nikkei 225 index dropped 1.3 percent. Hong Kong's Hang Seng slid 1.2 percent and the Shanghai Composite Index rebounded from earlier losses to finish down 0.3 percent.

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MADRID _ Spaniards had been waiting for a month for their future prime minister to reveal how he planned to revive a battered economy and create jobs. His message, delivered just days before Christmas, was ominous: more austerity.

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ROME _ Thousands of government workers staged strikes and joined demonstrations across Italy to protest tax and pension changes that are part of the government's austerity package.

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WARSAW, Poland _ Poland's finance minister says the country plans to lend around $7.8 billion to the International Monetary Fund to boost its ability to help indebted eurozone states.

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LONDON _ Britain's Treasury Secretary is to tell lawmakers how the government will restructure the country's banks to reduce the risks of another crisis in the financial sector.

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