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Published on 5 January 2012 at 09:55

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.

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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.

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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.

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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.

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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.

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"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.

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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.

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EU reaches preliminary agreement to ban Iran oil – The Jerusalem Post

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