G20 summit should be 'historic meeting'

By Tim King, Simon Taylor and Jennifer Rankin - 07.11.2008 / 19:57 CET

EU leaders press the case for decisive moves to re-shape financial system at Washington summit.

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Rehn slams eurozone credit rating downgrades

S&P strips France and Austria of AAA status; Cyprus and Portugal downgraded to 'junk'.

Eurozone bail-out fund's credit rating downgraded

Move follows rating agency's decision to downgrade France and Austria; Mario Draghi warns of “very grave state of affairs” in eurozone.

Deal close on new Greek bail-out

Second rescue package nearly finalised.

NEW WORLD, OLD MODELS. UK Prime Minister Gordon Brown, pictured here arriving at the informal summit of EU leaders on 7 November, maintains that “there is an increasing awareness that the instruments we built in the 1940s cannot serve us in 2008”. REUTERS