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The cost of insuring against the risk of default by Greece, Portugal and Spain grew ahead of a key meeting of European heads of state later this week.

As the U.S. struggles to get out of its housing slump, its neighbor to the north faces a different challenge: Canada's housing recovery has been so rapid that some here are worrying about a bubble.

With no blueprints for the future and no clear exit strategy for the government, Fannie and Freddie are focusing for now on the U.S. loan-modification program.

The Fed's Bernanke will begin this week to lay out a credit-tightening blueprint to be used when the central bank decides the economy has recovered sufficiently.

Supported partly by stronger demand in Asia for electronics and auto parts, Japan's economic recovery likely picked up steam late last year. Exports, particularly to emerging markets, will remain key in the current quarter.