Things are not at all favoring Europe as it seems that another bad news is coming from the updated European Commission economic forecasts, according to which, the country could face another year of weak economic conditions, giving rise to several severe problems in the nation like higher unemployment, slow progress on budget matters and the sovereign debt crisis etc.

German Finance Minister Wolfgang Schaeuble has confirmed that negotiation talks are going with Greece, but he also said that nothing has been finalized yet. Talks in regard to debt crisis being faced by the latter country were being held.

While addressing a joint press conference in Berlin, French Finance Minister Pierre Moscovici said, "France and Germany will strive over the next four weeks to stop Greece from unsettling markets as officials work to put the country's faltering bailout plan back on the rails".

Banking giant HSBC yesterday set aside another £290 million to settle its share of the mis-selling payment protection insurance (PPI) scandal.

The additional expense inflated the bank’s total PPI provision to around £750 million, but Chief Executive Stuart Gulliver still said that he doubted that it would be the final provision.

In an attempt to ensure the smooth functioning of its industrial engine in the wake of its buoyant economy, Germany has come up with a surprising decision to combat its problem of shrinking labor force --- it is seeking skilled workers from problems-plagued Greece!

While unemployment levels have been showing a disquieting increase in Greece, as well as European slowcoaches like Spain and Portugal, prosperous Germany is in a desperate need of skilled workers to keep its industries running.

Euro countries agreed on Friday to release the next batch of bailout loans for Greece, which is struggling to protect its economy from slipping into another economic slump.

An EU official said finance ministers from 17 euro countries agreed on creating a concrete plan to strengthen the banks, adding that the plan should be ready in time for the EU leaders' summit on Sunday.

Evangelos Venizelos, finance minister for Greece, welcomed the news that the country would receive the next euro 8 billion (around $11 billion) installment, describing the move as a "positive step."

It seems that the lingering threat over the future of Greece is nearing its final stage, as this week would make the picture clear when the European nations would take a final vote on extending another tranche of bail out.

In order to garner votes in favor, Greece's Prime Minister George Papandreou assured German industrialists that they would do their best to bring about positive reforms for the growth of the country.

It has been the most difficult time for Greek Prime Minister George Papandreou who has put forward a poignant request in front of the German leaders to assist Greece in the ongoing situation.

The PM stated that the help of Germany would facilitate Greece in ensuring a better future, and it would prove out quite successful.