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European Commissioner for Economic and Monetary Affairs Olli Rehn speaks during the presentation of the Fall Economic Forecast at EU headquarters in Brussels on Wednesday, Nov. 7, 2102. Europe's economy is still reeling and unemployment could remain high for years in spite of the progress made in solving the debt crisis, the European Union warned Wednesday as it downgraded its forecasts for the 27-country bloc. (AP Photo/Virginia Mayo)

EU: Eurozone recession to be worse, rebound slower

By Sarah DiLorenzo - Associated Press

Italian Finance Minister Mario Monti (right) talks with Spanish Finance Minister Luis de Guindos Jurado during the meeting of European Union finance ministers in Brussels on Tuesday, July 10, 2012. (AP Photo/Yves Logghe)

EU extends Spain’s deficit timeline by a year

By Don Melvin and Slobodan Lekic - Associated Press

European Commissioner for Economic and Monetary Affairs Olli Rehn addresses the media Feb. 23, 2012, at the European Commission headquarters in Brussels. The 17-nation eurozone economy will suffer a modest recession this year despite recent signs of stabilization, particularly in financial markets, the European Union's executive branch said Thursday. (Associated Press)

EU expects eurozone to suffer mild recession

By Gabriele Steinhauser and Pan Pylas - Associated Press

An employee of the Greek Stock Exchange passes past charts with stock prices, indicating gains, in Athens on Monday. World stock markets rose Monday after Greece's parliament approved a new set of austerity measures that were required by international lenders in exchange for an emergency bailout. The move was labeled a "crucial step forward." (Associated Press)

Parliament OKs a new round of budget cuts in austerity move

By combined dispatches

Olli Rehn, European commissioner for economic and monetary affairs, addresses Hungary's fiscal situation at the European Commission headquarters in Brussels on Wednesday, Jan. 11, 2012. (AP Photo/Yves Logghe)

EU threatens legal action against Hungary

By Gabriele Steinhauser and Raf Casert - Associated Press

EU tries to quarantine Greek debt crisis

By Gabriele Steinhauser and David McHugh - Associated Press