Under increasing pressure after it emerged that he had threatened a newspaper with legal action if it published details of an improper loan he had contracted, the German president described himself as a "victim" during a television interview. Conceding that he had made a "mistake", he has ruled out resigning.
Wulff stays – Der Tagesspiegel
On January 3 and 4 January, European financial institutions deposited €453bn with the European Central Bank, a sign that interbank loans are not working properly.
Banks increasingly nervous: deposits at ECB reach record levels – Der Standard
Hungary's currency hit a new low against the euro at 320.27 forint. Its weakness is attracting many Slovaks to shop on the other side of the border.
Orbán pulls forint down – SME
Following the recent acquisition by China Three Gorges Corporation of 21.35% of national energy company Energia de Portugal, the State Grid Corporation of China is best placed to buy up a quarter of the 40% that Rede Eléctrica Nacional is floating.
After EDP, Chinese get ready to control 25% of REN – i
Greek Prime Minister Lucas Papademos has warned unions that they must accept a significant drop in the minimum wage and private sector salaries in order to head off national bankruptcy before March.
"We might end up with nothing" – I Kathimerini
Spain's new Minister of Economy Luis de Guindos is to introduce legislation to monitor regional government accounts, whose debts make up a large part of the national debt.
Rajoy to impose monitoring of regional budgets – El País
In the wake of a November UN report that claims that Teheran is seeking to build an atomic bomb, European governments have agreed in principle to ban imports of Iranian oil.
EU reaches preliminary agreement to ban Iran oil – The Jerusalem Post
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