Serbia on Friday announced a series of belt tightening measures worth around one billion euros ($1.3 billion) to reign in the budget deficit which is running almost double the target.

"Half of this sum will be saved by cutting costs and the other half by boosting income through raising certain taxes," Prime Minister Ivica Dacic said in a statement published on the government website.

Spain wants to know the conditions it must submit to before requesting any sovereign bailout, Foreign Minister Jose Manuel Garcia-Margallo said Friday.

"We have to know the conditions, analyse them and then it will be decided," he said in Paphos, a coastal resort in Cyprus where European Union foreign ministers are gathering.

Japan said Friday it would suspend 5.0 trillion yen ($63 billion) in spending as a political row has left the government facing a severe cash crunch that could see it run out of money within months.

Officials warned there would not be enough in its coffers to cover expenses as political gridlock ties up the passage of a bond-issuance bill needed to help pay for some 40 percent of Tokyo's spending in the fiscal year to March.

The French economy will probably grow by less than expected next year, the OECD's chief economist said Thursday, making it harder for the new government to reduce an excessive public deficit.

"France will be weaker next year," Pier Carlo Padoan told a Paris press conference in response to a question regarding the country's chances of achieving its 2013 growth target of 1.2 percent.

Struggling Australian carrier Qantas on Thursday announced a major global alliance with Emirates that will see its hub for European flights shift to Dubai from Singapore in a bid to stem losses.

The 10-year tie-up, described as a "momentous day" in global aviation, is part of Qantas's drive to turn around its fortunes after last month posting its first annual loss since privatization in 1995.

China's upcoming political changes represent a breakthrough chance to boost its economy by accelerating reforms and fostering innovation, a European business group said Thursday.

The Communist Party is slated to carry out a once-in-a-decade revamp of top officials in coming weeks with Hu Jintao stepping down as general secretary before resigning as the country's president in March.

Australian bank customers scored a major win in a class action against top lenders Thursday, with the nation's highest court ruling they could challenge a wide range of fees as excessive.

The High Court of Australia found in favor of the 38,000 customers of the Australia and New Zealand Banking Group (ANZ) fighting back against the fees, overturning an earlier ruling limiting the case to credit card charges.

The United States Wednesday unveiled $21 million in new aid help those caught up in the conflict in Syria, boosting its humanitarian funding to over $100 million.

USAID head Rajiv Shah announced during a visit to Jordan that the new funds would be made available to the U.N. World Food Program to help feed Syrians both inside and outside the country.

European leaders piled up reassuring declarations on the Eurozone on Wednesday, the eve of a keenly-awaited meeting of the European Central Bank's governing council.

European President Herman Van Rompuy slapped away speculation that the debt crisis would bring down the euro, while Germany's finance minister forecast that the single currency would be more stable in a year's time and that heavily indebted Greece would remain in the Eurozone.

The Netherlands will not contribute any further aid to debt-ridden Greece, but Athens could be given more time to get its finances on an even keel, Dutch Prime Minister Mark Rutte said Tuesday.

"Two major rescue packages have been agreed on for Greece," said Rutte, who represented his People's Party for Freedom and Democracy (VVD) during a live televised debate, eight days ahead of Dutch elections.