NEW YORK (Reuters) - IMF chief Christine Lagarde on Tuesday urged the United States to Quickly Resolve Political stalemate over raising the debt ceiling, warning That failure to reach agreement year Would Have serious consequences for the world economy.

"The clock IS ticking and the end Clearly Needs To Be Immediately resolved," She Told the Council on Foreign Relations According To Her a text of remarks.

Lagarde, Who has-been in the job for Less than a month, Called on the United States to Developer credible fiscal plan intended Adjustment cautioned Against Being too hasty.

"The United States Could face Another jobless recovery.That Is Why We&&9;ve Advised Against fiscal consolidation unduly hasty That Is - Even As We stress the importance of getting a fiscal consolidation plan Agreed soon, "she said.

Her warning on the dangers of not raising the $ 14.3 trillion debt ceiling by two cam August as the dollar across the board Fell After U.S. President Barack Obama Gave no sign of a breakthrough in deadlocked talks in a Televised speech late on Monday.

The U.S.faces a technical default on government bonds icts Some of it outstanding UNLESS Raise the debt limit.

"An adverse shock in the United States Could have serious spillovers on the rest of the world," Lagarde cautioned business cards design.

She urged European leaders to aussi Quickly Implement Measures Agreed at a recent EU summit to tackle the euro zone&&9;s debt to Problems and Strengthen Economic Governance.

Fiscal Problems in euro zone states Periphery Such as Greece, Portugal and Ireland Revealed Risks Posed by the incomplete year Economic and Monetary Union, she said.

Turning to Japan, She Called Ambitious for Measures to tackle the country&&9;s very high public debt levels, one and urged to act Emerging Economies to curb signs of Overheating.

"Staying Ahead of the Curve Will Be Essential to Avoid the hard landing as possible if policy action edible too late," she added.

She said the IMF to forecast reasonable Continued near-term global growth of about 4 to 4.5 percent although the recovery THROUGH 2012 WAS unevenly spread and Risks are "clearly to the downside."

(Reporting by Jonathan Spicer, Writing by Lesley Wroughton, Editing by Chizu Nomiyama)

IMF chief to urge U.S. debt Immediately resolve spat

NEW YORK (Reuters) - United Parcel Service Inc (UPS.N), the World&&9;s Largest package delivery company, Higher Reported second-quarter profit and reaffirmed ITS 2011 outlook despite a sputtering Economic rebound.

Atlanta-based UPS Reported net earnings on Tuesday of $ 1,063 billion, or $ 1.07 per share, up from $ 845 million, or 84 cents a share a year ago.

Adjusted earnings per share $ 1.05 Were, Slightly beating the $ 1.04 per share on average That economists Expected, According To Thomson Reuters I / B / E / S.

"We Remain confident in our Ability to execute and surpass this year EPS Prior peak," Kurt Kuehn, chief financial officer, Said in a statement.

The Highest second quarter earnings per share is driven by record Were "the quality of revenue in the U online payday loans.S.domestic, export volume growth superior in International and supply chain & freight record results, &&9;he said.

Revenue rose to $ 13.2 $ 12.2 from one billion to one billion years ago, edging Slightly Above analyst forecasts of $ 13.14 billion.

UPS handles goods Equal to 6 percent of the U.S. gross domestic product and 2 percent of global GDP in icts trucks and planes, so ITS shipment trends Give a tangible view of consumer demand.

The company&&9;s shares little changed in Were premarket trading at $ 73.97 After closing at $ 74.05 on the New York Stock Exchange.

(Reporting by Lynn Adler, Editing by Dave Zimmerman)

UPS profit up, keep outlook despite economy

TOKYO (Reuters) - The Japanese government plans to issue 10 trillion yen ($ 128 billion) in reconstruction and bonds cut by 3 trillion yen Spending to pay for more projects to rebuild the Northeast Devastated, the Nikkei business daily Reported on Sunday.

Investors are counting on to help rebuild Spending The World&&9;s Third-largest economy from a slump pull out a massive Caused by earthquake and tsunami in March and to resume moderate growth in the Third Quarter.

A government source last week Reuters Told It Was planning Additional Spending of 13 trillion yen for reconstruction projects, on top of a combined 6 trillion yen set aside Already in Two extra budgets.

The source WAS HAD Said the government considering special Issuing bonds, scaling back plans and Other Spending selling national assets flat irons.The Ministry of Finance is planning WAS five-year bonds, with the government considering raising taxes repaid to Them, According To the source.

The Nikkei Said about 8-9 trillion yen of the 13 trillion yen Would Be Spent to Improve infrastructure, while 3 trillion yen would go Toward Creating jobs and building schools.

The draft Blueprint for the government&&9;s reconstruction projects Will Be Finalized this month by a reconstruction task force headed by Prime Minister Naoto Kan, the paper said.

(Reporting by Chang-Ran Kim; Editing by Yoko Nishikawa)

Japan plans $ 128 bln bonds in reconstruction: Nikkei

NEW YORK - Schlumberger Ltd. says second-quarter profits 64 percent were Jumped surge in North American oil drilling.

The Houston oil service company on Friday Reported earnings of $ 1.34 billion, or 98 cents per share, for the three-month Period ended June 30. That COMPARED with $ 818 million, or 68 cents per share, for the Same Period Last Year. Quarterly revenue INcreased 62 percent to $ 9.62 billion.

Analysts Expected earnings of 85 cents per share on revenue of $ 9.19 billion, According To FactSet ionic hair dryers.

The company operations worldwide icts Said Showed strong growth, led by service contracts for land-based drilling services and a resumption in deepwater drilling in the Gulf of Mexico.

Rival Halliburton Co. posted a 54 percent quarterly profit at $ 739 million Increase Earlier in the week.

Schlumberger 2Q profit jumps 64 pct

NEW YORK - Stocks are mixed in midday trading, a day after the Dow Jones Industrial Average HAD ITS biggest gain this year. Traders are Weighing concern about the U.S. debt limit Against strong earnings from Apple and a slew of new deals.

Apple Inc. rose 3 percent the after the company&&9;s Income Doubled Last Quarter, trumping Analysts&&9; Estimates. Sales of the company&&9;s iPhones quadrupled in Asia.

The Dow is down 10 points, or 0.1 percent, to 12.576 in midday trading humidifier. The S & P 500 index is up less than 1 point to 1.327. The Nasdaq is down 11 points, or 0.4 percent, to 2.815.

Stronger profits from Coca-Cola Co. and IBM Corp.. Along with apparent progress in raising the U.S. debt limit Prompted stock market rally was Tuesday. The Dow Gained 202 points.

After stocks mixed biggest day in a year

WASHINGTON - Builders broke ground on more homes and single-family apartments in June, as the home-building Industry Tried to shake off a bad spring Historically.

The Commerce Department says builders Began work on a seasonally Adjusted 629.000 homes last month, to 14.6 percent from May Increase. Still, that&&9;s Roughly half the 1.2 million homes per year economists say That Must Be built to sustain a healthy housing market.

Apartment construction, a volatile share of the Industry, surged 31.8 percent last month portable air conditioners. Single-family home construction rose a more Modest 9.4 percent. Building Permits, a gauge of future construction, INcreased 2.5 percent.

More homes lead to more jobs.For Every home built, jobs are created for Three a year and about $ 90,000 in taxes are generated, According To the National Association of Home Builders.

Home building spikes in June After dismal spring

AMSTERDAM (Reuters) - Philips (PHG.AS) on Thursday surprised with a 1.3 billion euro quarterly net loss, Citing Slow-than-Expected recovery from the recession and impairment charges, and Said It Will Cut Costs by 500 million euros.

Philips (PHG.N) last month sharply lower Warned of second-quarter profits and sales growth at Slowing Both ITS and the toasters lighting business-to-consumer division shavers, Citing weak demand in Europe consume.

Europe&&9;s biggest consumer electronics maker in a statement it Said Took writedowns At Its healthcare division and lighting division, Leading to 1 home kerosene heaters.4 to one billion euro impairment.

"Our second-quarter results Were Impacted by near-term Operational challenges, weak markets and a significant impairment charge," Philips CEO Frans van Houten Said in a statement.

Will the company launch a 500 million euros Cost savings program and a one billion euro 2 share buy-back program.

(Reporting by Gilbert Kreijger, Editing by Sara Webb)

Philips surprises with Q2 loss of 1.3 billion euros

Stocks Slightly Higher are in midday trading as Concerns about Europe and a budget impasse in Washington Kept market gains in check.

Indexes rose Friday After Earlier reports strong earnings from Google Inc., Mattel Inc. and Citigroup Inc. Buyout offers for Clorox Co. and Petrohawk Energy Corp. aussi Lifted stock prices. The positive news overshadowed a weak report on U.S. factory output in June.

Investors Were Waiting for the results of stress tests show how well Designed to Europe&&9;s banks withstand Would Losses on European government bonds quartz infrared portable heater.

Just before noon, the S & P 500 index is up 4 points, or 0.3 percent, at 1.313. The Dow is up 16, or 0.1 percent, at 12.453. The Nasdaq composite index is up 17, or 0.6, at 2.780.

Stocks trade mixed, big headed for weekly loss

ATHENS, Greece - Greece&&9;s finance minister Sought to downplay the implications of fear of a default rating Being slapped on the debt-ridden country Expected After second year bailout.

Evangelos Venizelos Parliament Told That Thursday the country faced "no threat of bankruptcy" and That ITS WAS secure banking system.

Concerns over Greece&&9;s Financial Health continues to Dominate Markets sentiment in the Even Though the Greek government managed to get a year austerity package-through Parliament.

However, the Markets are getting the Concerned That Credit Rating Agencies That Will decide the Country is in default of STIs if the U.S. tries Debts to private Creditors get to share the burden of a second rescue package.

Some experts raised Have Fears That a So-Called "selective default" rating Could trigger a Renewed turmoil in the end of the Market, as investors freight over the exposure of the Greek debt to banks.

Venizelos Arguedas That a "selective default" rating Would Be manageable.

He Said Greece IS Seeking to "lighten the burden of the Greek national debt repayment follow-through ... Periods, Reducing interest rates, and a Mechanism likely to buy back debt on the secondary Greek market."

On Wednesday, Fitch slashed icts rating on Greece by Another Three notches and Further Into junk status outdoor fireplace cheap. The move from B to CCC + Greece leaves just one grade Above a default rating.

Meanwhile, the country&&9;s debt burden continued to rise as a share of National Income.Though it posted growth in the first quarter of the year, Greece Spent HAS MOST of the time in recession since 2008 and forecast to shrink further Top IS in the coming quarters at least.

On Wednesday, the International Monetary Fund Warned That Greece&&9;s national debt reach 172 percent of Would gross domestic product in 2012, above-the fund&&9;s estimate of 159 percent made in March.

Austrian Finance Minister Maria Fekter Greece Warned That Thursday May Have To reschedule icts Debts.

"What I Do not Want Is A haircut," the minister Said, referring to Potential Losses for Bond Holders Forced. "That Would Represent sudden damage to the Austrian tax to pay."

Currently Greece IS Relying on loans from a euro110 billion ($ 155 billion) bailout from the International eurozone Other Countries and the IMF.

Greece finance chief downplay default rating

BRUSSELS / BERLIN (Reuters) - Euro Zone Countries Continued to grapple with the thorny issue of Involving the Private Sector in Tackling Greece&&9;s debt pile As They Prepared for a meeting to decide support for the country next week.

"The Principles of Having a Euro chiefs&&9; meeting by the hand IS Accepted players, Including Germany," Said one U.S. diplomat, Adding That It Was Likely to Happen next week despite Earlier signals from Berlin That There Was No rush to finalize a second package of aid.

First, however, countries Have To AGREE how to INVOLVE Tackling Private Sector investors in Greece&&9;s debt burden, a key demand of Germany Before it signs off more support for Athens and a step the International Monetary Fund said on Wednesday Must Be taken.

Italian central bank chief Mario Draghi, soon to take the helm of the European Central Bank, and Ireland&&9;s first definitive plan Both Said and WAS needed Quickly - echoing a strongly-worded attack from Greece&&9;s prime minister Earlier in the week.

WAS taken the spotlight off the euro zone, at least Temporarily, After the Federal Reserve Chairman Ben Bernanke Said the central bank to resort Could Monetary stimulus if a more sluggish U.S.

Europe&&9;s biggest aim Economic Power, Germany, Which one EU official angry about Said WAS being "backed Into a corner," WAS reluctant, pushing the date of the next gathering Into week.

STRESS TESTS

Another concern of leaders are the results of stress tests of European banks.

That a further Top Could have impact on Italy, Where bank stocks and the bond market hit by Have Been Growing Concern That the euro zone&&9;s third-Largest Economy Could Be Next In Line After Greece, Ireland and Portugal To Suffer debt contagion.

Draghi Said Would Italian banks pass the tests Comfortably goal echoed Kenny&&9;s call for a comprehensive U.S. response to the debt crisis Spreading paydayloans.

"We Have To Recognize That management of the Financial Crisis HAS not gone Smoothly with partial and temporary interventions," He Said in a speech.

"We must now bring-certainty to the process by Which sovereign debt crises are managed, by Clearly Defining Political objective, the design of instruments and the Amount of resources, &&9;he said.

There are Two main Proposals on the table for Securing the Private Sector&&9;s Involvement in Reducing Greece&&9;s debt burden.

One Would Be to buy back bonds at a discount Greek. Another Is To Greek swap debt for longer-dated securities with a lower coupon.

However, it Remains unclear how a buy-back of Greek bonds Would Be Financed. It Could INVOLVE using the 440 euro one billion European Financial Stability Facility (EFSF).

The ECB Remains Opposed to Any Greek vehemently Plan That Would Be Likely Ratings Agencies to see as a default.

ECB PolicyMaker Jens Weidmann Said the EFSF Should Not Be Used To buy bonds in the secondary market and it Would Be Unacceptable for the ECB to accept Greek debt as collateral if the country Were in default.

"The money of the (EFSF) bailout Should not Be Used for the purchase of government bonds in the secondary market," He Told Die Zeit newspaper. "Containment of the crisis mean That we Should not Undermine our principles. We must draw a red line."

Germany&&9;s finance ministry aims Said funds from the euro zone&&9;s rescue in theory Mechanism Could Be Used by members of the block to buy back bonds Their Own, Suggesting a shift in Berlin&&9;s stance.

(Additional reporting by Julien Toyer and Luke Baker in Brussels, and by Noah Barkin and Gernot Heller in Berlin; editing / writing by Mike Peacock)

Euro zone Makes fresh bid to tackle Greek crisis

LOS ANGELES - Democrat Janice Hahn Is the favorite in a California congressional election Tuesday, the likelihood of a goal Meager turnout, combined with Widespread anxiety over the economy to vote, Could make for a tight finish.

Republican businessman Craig Huey has-been relentlessly attacking President Barack Obama, arguing the nation Needs deep tax, debt and Spending cuts to drive job growth.

Purpose ET starts at a Disadvantage: Democrats hold a commanding 18-point registration edge in the coastal 36th Congressional District, a party stronghold Where Obama notched a 31-point win in 2008.

Despite the registration edge for Democrats, tallies of mail-in bundles Potentially Suggest a close finish. In a little-notice election was mid-summer day, the turnout Will Be Key to winning.

"Our primary focus is knocking on doors IS," Said Huey campaign manager Jimmy Camp. "There are Enough voters Who are with Craig.It&&9;s literally getting them out to vote. "

Each campaign HAS pooled over $ 1 million for the contest and plowed Much of it Into sharp-edged advertising Hahn HAS Sought to link Huey to Sarah Palin and Refers to His agenda as "extremist," while Huey HAS derided Hahn as a career politician with ties to a troubled gang-intervention program.

There are Other signs of a tight contest in the district, Which runs from the famous Venice boardwalk Through the beaches south of Los Angeles International Airport.

Bill Clinton Recorded automated phone messages for Hahn. Organizing for America, the Group That Provides Democratic Party&&9;s foot-soldiers, supporters Asked to make Thousands of phone calls.

One unknown factor Is the role of independent voters, account for 22 percent Who of the district&&9;s electorate.Statewide, voters decline to state a Who party preference Typically side with Slightly more Democrats Than Republicans, aussi goal tends to Be unpredictable and more fiscally conservative Democrats Than typical.

Hahn, a Los Angeles Councilwoman, IS counting on a strong push from Organized labor. Huey, Who Owns and advertising companies and marketing HAS bankrolled Largely historical campaign with personal funds, HAS tea party activists working on His Behalf no fax payday loans.

In May, Democrats Snatched New York congressional seat in a Republican district Heavily After Capitalizing on Fears over a Republican plan to roll back Medicare and Social Security Benefits. That HAS made the GOP eager to turn the tables in California, a Democratic state in Reliably national elections.

GOP activists say has upset Huey Could Be a signpost for U.S.national elections next year, it&&9;s purpose Likely To Have Little Meaning for 2012 in California legislative and congressional districts Because Being are redrawn year by independent commission.

Hahn, 59, supports abortion rights; IS eager to see the end of the wars in Iraq and Afghanistan, and supports the growth in alternative-energy Industry. Huey, 61, opposed abortion rights and gay marriage, and wants government regulation rolled back.

Hahn&&9;s campaign suffered a shock Did not expect it Monday: the death of the candidate&&9;s 86-year-old mother.She abruptly Suspended Her schedule to join Her grieving family, staffers aim Said It Would not change the campaign&&9;s long-set plans to get voters to the polls.

The campaign aims Said It Would scale back public appearances Her.

"We Understand That Janice Needs To Be With Her family intended move forward Will the campaign - as Her Mother Would Have wanted," senior adviser John Shallman said.

Her mother, Ramona Hahn, "Was looking forward to seeing Her Daughter sworn in as the next congresswoman of the 36th District. We Will work very hard to make a reality That Dream," Shallman said.

Both Campaigns Staffers in the death WAS Said Unlikely to Have Any Political ramifications on election day. As of Friday, mail-in Nearly 40.000 bales HAD Been Received, Which Could Be As Much as half the vote.

Hahn and Her brother, Los Angeles Mayor James train Hahn, Said They Were Devastated by Ramona Hahn&&9;s death.

"Continuing Her Will Be Without difficulty," they Said in a statement, Which Did not mention Tuesday&&9;s congressional election.

Tight finish in Calif. as possible. U.S. House race

NEW YORK (Reuters) - A dismal U.S. jobs report. A European debt crisis for Which There Is No Quick Fix. Slowing growth in China.

There are a number of Reasons To Be cautious about the prospects for the Global Economic Recovery.

Against this background it&&9;s U.S. Federal Reserve Chairman That Ben Bernanke Before Congress Will step for semi-annual history Testimony on Wednesday. He Will Likely Be barraged with questions about Friday&&9;s jobs report - a report so across-the-board disappointing JPMorgan economist Michael Ferol That Called it "Worse Than Spinal Tap&&9;s" Shark Sandwich. "

The U.S. economy created just 18.000 jobs in June, Much Less than the 90.000 HAD economists expected.

A U.S.May retail sales report offer a little bit of hope on Thursday if it shows Americans Spent money left over from a recent retreat in gasoline Prices on Other items.

"We&&9;re in a situation Where the data IS noisy and choppy," Said Michael Hanson, a senior economist at Bank of America.

"For a central banker, you&&9;re now in risk management mode: &&9;We Want To Be ready to calm the Markets in case we get more bad data, we aim do not want to jump the gun, either."

Bernanke HAS Arguedas That The Biggest Factors Affecting Growth in the first half of the year are temporary in nature: supply disruptions due to the Japanese earthquake, inclement weather and a surge in Oil Prices Earlier this year.

He Is Expected to Stick to That assessment.

"The weak jobs report Does not rule out a second half recovery by Any Means.Employment IS Something of a lagging indicator, "Said Dean Maki, economist at Barclays Capital.

"It depends on consumer Spending and we are intently Focusing on retail sales as one of the first signals of how Consumers are Responding to the decline in gasoline prices."

In addition, U.S. industrial production and manufacturing data on Friday May show the Japanese earthquake-induced supply chain disruptions to auto production and sales eased Have Somewhat.

Japan&&9;s central bank, Which meets on July 11-12, Will Likely revised up icts assessment of the economy next week as companies restore Quickly supply chains more than expected. Factory output IS Seen Returning to pre-quake Levels in August fast cash online.The BOJ to hold off IS Expected Monetary Policy Further easing, though it Will Likely warn of lingering Risks to the global economy.

NO QUICK-SET

One Of Those Risks is Europe&&9;s escalating debt crisis.

Euro zone Finance Ministers are set to Meet on Monday to second discussion bailout package for Greece.

Given the lack of objective decision on how a private bondholders Might Participate in Any Greek debt rollover, markets are skeptical of How Much Progress Can Be Made at the Eurogroup meeting.

Markets European Policymakers want to come up with long-term solutions Rather Than One After The Other temporary fix if They Are to Avoid a domino effect as Financial Markets pounce on weak euro area Other Countries.

Already contagion IS evident from the Growing risk premia on debt Issued by Italy and Spain, Which Some Analysts view as a warning signal.Lower-rated euro zone government bonds INcreased Have faced pressure sincere Moody&&9;s cut Portugal&&9;s credit rating to junk last week.

"There Is not Expected to Be much of a resolution, so all together There Is a lot of asymmetric risk out there," Said Mark McCormick, currency strategist at Brown Brothers Harriman.

China raised interest rates for the Third time this year on Wednesday as taming inflation top priority Remains Even as the pace of growth in economy slows Vast icts.

Risky assets, particularly with direct links to Those China&&9;s growth, sold off the after the announcement is the latest Monetary tightening Concerns Could choke Already sluggish global recovery year.

On Wednesday, July 13, China Will get a read on second-quarter icts Economic Growth and retail sales data for June. Chinese consumer sentiment IS Expected to Have Been weighed down by surging inflation and high property prices.

"Unlike in Japan and the U.S., Where We Believe Slowed growth HAS Reasons for temporary, policy tightening in the euro area and China Seems Likely to yield a more persistent in Slowing growth," Barclays&&9; Maki wrote in a note to clients.

(Reporting by Kristina Cooke, Editing by Dan Grebler)

Hurdles abound in global recovery

CONSUMER CREDIT: Americans Took on more debt in May for the Eighth straight month. Increase the total consumer credit Pushed to a seasonally Adjusted Annual level of $ 2.43 trillion. That&&9;s 7.1 percent Higher Than the four-year low in September Reached.

CREDIT CARDS: Borrowing on credit cards rose for only the second time in Nearly Three Years. That category includes the auto and student loans INcreased aussi low interest rate personal loans.

OUTLOOK: Borrowing Is A sign of confidence in the economy. Purpose economists do not expect sizable gains in coming months. High Unemployment, slow wage growth and the weak housing market are making people more frugal.

Summary Box: Consumer borrowing up for 8th month

LONDON (AFP) - European stocks rose at the Markets start of trading on Friday, with London&&9;s FTSE 100 index up 0.23 percent to 6,068.65 points, in the wake of strong jobs data in the U.S..

Frankfurt&&9;s DAX 30 advanced 0.41 percent to 7,502.83 points and in Paris the CAC 40 0.39 percent Gained to stand at 3995.43.

Meanwhile traders are eagerly Awaiting Friday&&9;s non-farm payrolls report in the United States high quality business cards.

European equities have HAD Risen on Thursday better-than-Expected U.S. jobs data helped offset Concerns persist over how and when the eurozone debt crisis Can Be resolved.

European stocks climb at open, London gains 0.23%

PARIS - The biggest banks in the eurozone are discussing Ways to Contribute to Any New Financial rescue package for Greece, Which Could emerge as soon as September.

Senior executives from top European lenders are meeting Wednesday in Paris at the headquarters of French banking giant BNP Paribas, a person familiar According To with the talks. The person not authorized WAS to Be Publicly named Because the talks, Under the auspices of the Institute of International Finance, are private.

Their main task to come up with IS Under terms THEY Which Would Be Prepared to buy up new Greek bonds, Currently Seen as one of the riskiest in the World Investments. Finance Ministers Have Indicated They Want all the parts of a second bailout in place by September.

The meeting "is from a series of meetings of Creditors of private Leading to Greece to support the Reform Program," Said Frank Vogl, a Spokesman for the IIF.He added That get-togethers are similar over the coming weeks Planned.

The IIF Said in a statement last week the bankers That Will voluntary rollover discussion of Greek bonds, and That the goal IS to provide "significant cash flow to support Greece DURING 2012-14 on the Basis of broad-based voluntary participation by private investors. "

Eurozone Government want "substantial" private-sector contributions to a new rescue deal for Greece, so Does not The Whole burden fall on Taxpayers, Many of Whom are angry at Having to bail out a country long Seen as sloppy with STI finances.

France&&9;s new Finance Minister Francois Baroin Stressed the Need for a "shared effort with the private sector" in the new plan low interest personal loan.

The European Commission HAS Said That Greece Will Need an extra euro115 billion ($ 166 billion) Through the middle of 2014, on top of the euro110 billion ($ 159 billion) from European Governments and the International Monetary Fund Granted a year ago - although Some Of That Will Come financing from the sale of public assets and the private-sector contribution.

Eurozone Government Will Be Looking at Ways of making sure That Any rollover of debt by the Greek banks IS NOT Considered a default by the Credit Rating Agencies.

Though last week&&9;s decision by the Greek Parliament to back austerity Further Measures in return for crucial bailout funds helped calm jitters HAS in the Market, Europe&&9;s debt crisis IS Likely to Remain a major concern for investors.

The decision by Moody&&9;s to downgrade to junk status late Portugal Tuesday IS Weighing on European stocks Wednesday.The agency Said the Country Will Find It Difficult to Meet STI targets and it too That May need a second bailout.

In Greece, a major strike action Remains obstacle to the government&&9;s program. On Wednesday, taxis across Greece are holding a 24-hour strike to protest the opening of Their profession to more competition.

___

Gabriele Steinhauser in Brussels Contributed to this report.

European banks are meeting the second Greek bailout