Fri, 07 Dec 2012 11:04a.m.
The European Central Bank warned of another gloomy year for the 17 European Union countries that use the euro.
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The European Central Bank cut its key interest rate to a record low and announced other measures to spur lending.
The euro has weakened against the US dollar to its lowest level for four months.
Politicians in Cyprus were racing Saturday to complete an alternative plan raising funds necessary for the country to qualify for an international bailout, with a potential bankruptcy just three days away.
Cypriot lawmakers were finalizing Friday a new plan they hope will raise enough money to qualify the country for a bailout package and help it avoid financial ruin next week.
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