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WASHINGTON - European finance Officials Who is Tuesday in Brussels Were Trying to Save Their common currency and Prevention in meltdown That Could Tip the Global Economy Into Recession. The debt crisis in Greece That Began IS Threatening to overwhelm Much bigger economies in Spain, Italy and Even France.

The Finance Ministers made little progress. Major disputes now Will Have To Be Addressed by European leaders, Who Will Hold Their Own meeting in Brussels next week.

Markets rallied this week we HAD Hopes That the 17 Countries That Would use the euro reach a deal and defuse the panic.Order on Wednesday, world stocks Fell After the finance Officials' meeting failed to stem the euro zone Fears That Might Be Nearing a breakup.

Here are some questions and answers about the crisis:

Q: Why the Urgency now?

A: Earlier efforts, like bailouts of Greece, Portugal and Ireland, Have not Convinced That European investors or Policymakers Can Will resolve the crisis cash advance no faxing. Jittery investors are Demanding That European Governments pay ever-Higher interest rates on Their bonds. Yields on Italian bonds, for instance, top 7 percent. Considered That's unsustainable. Even Germany, Europe's Economic powerhouse, struggled to sell bonds last week.

Q: Why are interest rates Higher Such a problem?

A: They make it harder for Government to Pay Debts. And THEY slow growth. Tax revenue falls then. The cost of Unemployment Benefits and Other Social Programs rise.

NEW YORK (Reuters) - Purchase applications for home mortgages rebounded last week, demand for refinancing purpose sagged for a second week in a row, an Industry Group said on Wednesday.

The Mortgage Bankers Association Said icts seasonally Adjusted index of mortgage application activity, Which includes refinancing and home purchase Both demand, slipped 1.2 percent in the week ended November 18, After a 10 percent drop the week before instant credit reports.

The gauge of loan Requests for Home Purchase Provided a bright spot, rising 8.2 percent. Even so, purchase activity Remains Almost 5 percent below last year's level, Michael Fratantoni, MBA's vice president of research and economics, Said in a statement.

The index of refinancing applications Fell 4.0 percent and the share of total mortgage refinancing activity Dropped to 75.9 percent from 77.3 percent of applications. Hot News:

(Reuters) - The Federal Reserve plans to stress test six large US The Fed Said That It Plans to Respond to banks by March 15.

The Fed IS putting in place a Broad stress testing regime in the wake of the 2007-2009 Financial Crisis When Taxpayers Were Forced to extend a $ 700 one billion bailout to the Financial System.

This Will Be the second round of Fed tests of banks' capital plans.

Earlier this year, the Fed Rejected Bank of America's plan to boost dividend icts in the second half of 2011, while allowing big banks to Other move ahead with dividend hikes paydayloans.

The Fed on Tuesday Said It Will release the results of the stress test to "Foster market discipline."

It Said It Will Disclose the estimate of revenues, loss and capital ratios of the 19 biggest banks if They Were To Suffer a market shock.

(Reporting by Karey Wutkowski and Dave Clarke, editing by Tim Dobbyn and Bernard Orr)

Hot News:

NUSA DUA, Indonesia (Reuters) - President Barack Obama and Chinese Premier Wen Jiabao Discussed the value of China's currency as well America's Business Interests in the South China Sea on Saturday, a White House official said.

"The main focus of the meeting WAS is economics," Tom Donilon, Obama's top national security adviser, Told reporters the after the Two leaders put on the sidelines of the East Asia Summit on the Indonesian island of Bali.

"It was a Good engagement," Donilon Said of the brief meeting.He Said the United States wanted to endure freedom of navigation and the free flow of commerce in the South China Sea and the peaceful resolution of disputes there free business cards.

Described Donilon the US-China diplomacy dynamic as "productive and constructive" and Said Obama HAD-been clear and direct about America's Interests in His talks with Wen in Bali as well as Chinese President Hu Jintao last week in Honolulu.

"We Have a very Complicated and quite substantial businesses relationship with China across the board," He Said, Describing the Obama Administration's Commitment to a "deep commitment strategy" with the Chinese was range of issues as the United States Increase STC presence in the Asia -Pacific region.

"I think THEY Understand our strategy," Donilon said. Hot News:

WASHINGTON - Congress IS Seeking to end the practice of million-dollar bonuses Paying to executives at government-controlled mortgage giants Fannie Mae and Freddie Mac.

The House Financial Services Committee Approved Legislation That Would Tuesday suspended $ 12.8 million in Fannie and Freddie executive compensation packages and stop future bonuses. The WAS 52-4 vote, with strong support from Both sides.

The Senate Expected to take up IS a similar measure in the near future.

The government rescued Washington-based Fannie and McLean, Va flat iron for hair.-based Freddie Three years ago THEY After Nearly folded Because Of Big Losses on risky mortgages THEY Purchased. Taxpayers Have Spent about $ 170 one billion to rescue the Two FIRMS The Most expensive bailout of the 2008 Financial Crisis.The government bailout the Estimates Could Reach $ 220 up to one billion-through 2014.

Congress moves to end Fannie, Freddie bonuses

MILAN - Unicredit, Italy 's largest bank, on Tuesday a huge Reported euro10.6 billion ($ 14.48 billion) net loss for the Third Quarter, Including writedowns on Greek debt and loss on SEVERAL Subsidiaries, as it Moved to raise new capital and slash Thousands Under a massive Reorganization Plan.

Trading in Unicredit shares WAS Suspended After plunging over the massive setback, Which Compared with earnings of euro335 one million in the Same Period A Year Earlier. Theys closed down 6 portable hair dryer.18 percent lower at euro0.774.

The bank in a statement Said That WAS the loss due to a writedown of euro8.7 one billion on the value of acquisitions, Including That of entire operations in Ukraine and Kazakhstan. Also it includes the writedown of euro135 one million in Greek debt, and Additional writedowns of brands, Including Hypovereinsbank and Banca di Roma.

Said the CEO Federico Ghizzoni writedowns Will Ensure That "the balance sheet ...

WASHINGTON - Federal Reserve Chairman Ben Bernanke says Small Businesses Struggling to get loans are more Than Two Years After the recession ended. He says banks' em Could help by easing overly tight lending standards.

Bernanke says the Fed has-been holding training sessions to Ensure That banks are meeting the Needs of Business Credit Worthy Borrowers while Maintaining Appropriate lending standards portable kerosene heaters. Many Small Businesses That Have complained Have Their banks made it too hard to get loans.

Bernanke's remarks at the start cam of a two-day conference the Federal Reserve is sponsoring IS Helping Small Business.

Bernanke urge banks to help Small Businesses

ATHENS (Reuters) - Greek Prime Minister George Papandreou WAS Elected as a Socialist Who would lavish jobs and Benefits on the poor and working class, purpose WAS Brought Down by Two Years Later An Economic Crisis That Forced HIM to do the opposite.

He Is Expected to step down soon, After the presidency on Sunday Announced That His PASOK party and Its Opponents conservative HAD Agreed to form a national unity government to stave off bankruptcy. One of the conservative 'main requirements for participation His resignation has-been.

The soft-spoken, genteel Papandreou, 59, HAS struggled to follow in the footsteps of history grandfather and elder statesman larger-than-life father, Who Served multiple terms as EACH prime minister and towered over Greek politics for Much of the past century.

He was born in St Paul, Minnesota and Educated in Canada, the United States, Sweden and Britain build outdoor fireplace.I never Thought of politics as a profession, "Papandreou said on Friday Before Surviving a confidence vote.

His cam Socialists to power in 2009 with promises to help the poor That HAD-been left behind by An Economic Boom That Followed the country's Entry into the euro single currency.

Took ET sincere purpose and power Announced That Greece's Debt Were Higher Than Thought, the country suffered HAS ITS longest recession in generations, and the poor and working class hit hardest Have Been.

To stave off bankruptcy, Papandreou has-been Forced to impose severe Spending cuts back and hack at a welfare state and a system of state Generous Treatment of Workers Seen as The Legacy of His Own charismatic father.