World Bulletin / News Desk
Greece's new conservative-led government won parliamentary approval on Monday, but faced the much tougher task of convincing European partners and the IMF to give it more time to meet the terms of its bailout.
There had been little doubt the government would sail through the confidence vote after a heated three-day debate in which it pledged to win back the trust of foreign lenders.
All 179 ruling coalition deputies backed the motion in the 300-seat parliament.
After demanding a long list of changes to Greece's latest rescue package when it took power last month, the three-party coalition has struck a more conciliatory tone in recent days as it faces the prospect of running out of cash without more aid.
It has pledged to push through privatisations and long-discussed structural reforms, saying those were the first steps to regaining credibility with lenders.
"We don't want to change the targets of the bailout but that which is causing recession and hampering us from attaining those goals," Prime Minister Antonis Samaras said in a speech before the confidence vote.
"We have been saying the same thing repeatedly all along - the only way to avoid bankruptcy and an exit from the euro is through growth and investments."
Finance Minister Yannis Stournaras says he has already been warned by visiting officials from the lenders that he will face a difficult time at a Monday meeting of the Eurogroup finance ministers. He has tried to lower Greek expectations of a swift overhaul of the harsh austerity terms included in the bailout.
Samaras's government - which stumbled off to a rocky start when both he and his initial pick for finance minister were laid low by medical problems - will have to juggle strident demands from home and abroad.
Faced with deep anger against wage and spending cuts in the 130-billion-euro bailout and an emboldened leftist opposition waiting in the sidelines, Samaras has promised long-suffering voters that the punishing terms of the rescue will be softened.
But with Greece facing bankruptcy within weeks without its next tranche of aid, the government has to sing a different tune abroad - promising the country will stick to its prescribed path of austerity in the hope of convincing lenders it deserves more time, money and flexibility.
Stournaras sought to reassure some of the concerns of the so-called troika of European Union, European Central Bank and International Monetary Fund lenders by pledging to jumpstart a stalled privatisation plan and implement structural reforms.
Officials from the troika, who were wrapping up a visit to Athens on Sunday by meeting government officials, are unlikely to be impressed until they see proof of Greece's commitment to reform.
The senior troika officials are due to return towards the end of the month for more substantial discussions on Greece's faltering progress in hitting its targets, before deciding whether to disburse the next instalment of aid.
Athens has acknowledged it is off-track in keeping up with its bailout pledges, which it blames largely on a deeper than expected recession and a two-month political limbo due to repeat elections in May and June.
Debt-laden Greece is now in its fifth year of recession, with nearly one out of four out of work. Samaras's victory in last month's election has eased - but failed to fully quell - concern the country is at risk of leaving the euro zone.
Samaras's conservatives have the support of the Socialists and a small leftist party, but face a formidable opponent in the radical leftist Syriza group that wants to tear up the bailout.
"The bailout is a political and economic crime imposed on the country by the troika," Syriza's charismatic leader Alexis Tsipras told parliament during Sunday's debate.
"You are not pro-Europeans, you are Merkelists - Berlin will lead Europe to dissolution," he told the government, referring to German chancellor Angela Merkel, who is deeply unpopular in Greece for demanding austerity cuts.
Samaras, in turn, spent much of his final remarks in parliament attacking Tsipras, accusing him of "terrorising" potential investors in the country with his anti-bailout rhetoric and arguing that he was part of the "drachma lobby group".
A number of potential deals under discussion in recent months could benefit from concessional financing from Tokyo.
The WTO has lurched from one disappointment to another over the past decade as it tries to find a balanced trade deal that all its members, now numbering 160, could support.
Saudi Oil Minister Ali al-Naimi said he expected the oil market "to stabilise itself eventually" but did not comment on talks with Russia held on Tuesday
Ergun Olgun, the Turkish Cypriot negotiator, said their own exploration would continue and even accelerate if Greek Cypriots pressed ahead with their plans to allow multinationals to exploit the area.
The decision to devalue the naira, according to analysts and central bank figures, appears aimed at saving the country's dwindling foreign reserves
Oil market watchers are divided on the outcome of OPEC's meeting in the Austrian capital. Predictions range from a large production cut to revive prices, to a small reduction, or none at all
The proliferation of smugglers' routes into Bolivia shows how difficult it is to eradicate illegal mining without better coordination across frontiers.
Falling crude prices are fueled by slowing global growth and increased supply.
Ukraine's leading banks said most of their loans to Crimean individuals and businesses were now delinquent.
Deputy Energy Minister Jaime Himende said that "Mozambique has great hydroelectricity potential, and recently they have taken some bold steps to use renewable resources efficiently"
Obama, who hosted Modi in Washington in September, will in January become the first U.S. president to visit India twice, completing a remarkable warming in the relationship
The combined damage inflicted on Russia's economy by Western sanctions and falling oil prices totals about $140 billion.
PM Mahlab said that Egypt eyes sustainable growth to improve the living conditions of Egyptians, noting that the Egyptian economy is currently recovering.
The French economist calls for redistribution of global wealth, which he says is too concentrated in the hands of the few.
Bank cites high financing costs and financing difficulties as challenges that need to be addressed to sustain growth.
Smuggling is denying Tanzania some 80 percent of receipts accrued from the precious gemstone