EU Tightens Up Bank Lending Rules and Bonuses

There is a drive to ensure that ordinary taxpayers
do not end up bailing out banks again

New rules on bankers' bonuses and the amount of capital that banks must hold as a buffer have been approved by the European Parliament by a big majority.

The package was agreed with the 27 EU governments and most of it is likely to take effect on 1 January 2014.

The EU plans to cap bonuses at 100% of a banker's annual salary, or 200% if shareholders approve.

The aim is to curb the sort of high-risk lending that contributed to the financial crash in 2008.

Hungary Backtracks in Row with EU Over Constitution

Critics say Mr Orban is putting Fidesz
party supporters into key positions

Hungary has moved to defuse a row with the EU over constitutional changes seen by some European politicians as a threat to Hungarians' human rights.

Hungary's justice ministry has proposed a motion - not yet passed by MPs - that appears to address some of the concerns raised by the European Commission.

The motion would curb the powers of a top legal official to send cases to certain courts.

And political adverts would be allowed in commercial as well as state media.

EU Parliament Rejects Plan to Boost Carbon Trading

Coal fired power stations have become more expensive
as a result of carbon trading in Europe

The European Parliament has rejected a plan to rescue the EU's ailing carbon trading scheme.

Members narrowly voted against a so-called "backloading" proposal that would have cut the huge surplus of allowances currently being traded.

Because of this excess, the price of carbon on the EU Emissions Trading Scheme (ETS) has plunged to less than 5 euros a tonne.

But opponents won the day by arguing the plan would push up energy costs.

Greece Moves Closer to Securing Latest Bailout Payment

Greece could soon receive the next chunk of
international support after meeting targets

Greece has moved a step closer to receiving its next tranche of bailout funds after agreeing to the latest austerity measures demanded by the troika of international creditors.

Athens has agreed to cut 15,000 civil service jobs by the end of 2014.

The move follows the latest talks between Greece and the troika - the European Commission, European Central Bank and International Monetary Fund.

Greece is awaiting the release of 8.8bn euros (£7.5bn; $11.5bn).

Greek debt is currently 160% of the country's gross domestic product (GDP) and the IMF says it must be cut to 120% of GDP to be sustainable.

Historic Berlin Wall Section Removed Amid Protests

Some 250 police guarded the site as builders removed the segements

A German property developing firm has removed parts of a historic stretch of the Berlin Wall amid heavy police presence, despite a week of protests.

Builders removed four segments of the so-called East Side Gallery stretch on Wednesday morning to open access to a building site for blocks of flats.

Some 250 police officers were deployed as the sections were dismantled.

The re-development project has sparked outrage among citizen groups, who say the site is a symbol of freedom.

Pope Francis to Wash Offenders' Feet on Maundy Thursday

Pope Francis will wash the feet of prisoners in a youth detention centre near Rome on Maundy Thursday.

The Pope held his first general audience
in St Peter's Square on Wednesday

Thousands of pilgrims and tourists are arriving in Rome to attend ceremonies during the holy week ahead of Easter.

The washing of feet on the Thursday before Easter is a Christian tradition commemorating Christ's Last Supper.

It is part of a papal calendar of events running up to Easter, the most important festival in the calendar of the Catholic Church.

UK Challenges New EU Demand for 2013 Budget Cash

The UK government says it will fight an EU demand for an extra 11.2bn euros (£9.5bn; $14.4bn) from member states to settle unpaid EU bills this year.

A new round of hard bargaining
looms over the EU budget

The UK contribution to that would be about 1.2bn euros(£9.5bn; $14.4bn) from member states to settle unpaid EU bills this year.

"You can be very clear we will fight it," a Downing Street spokeswoman said, reacting to the proposal from EU Budget Commissioner Janusz Lewandowski.

MEPs back the Commission in saying the extra - called an amending budget - must be paid to cover the 2012 bills.

Germany Enlists Otto Rehhagel in Greece 'Charm Offensive'

Berlin has enlisted the help of Otto Rehhagel, a much-loved football coach among the Greeks, to make Germany popular again in crisis-hit Greece.

Rehheagel (right) is passionately known
as King Otto in Greece

Rehhagel, who led Greece to victory at the Euro 2004, is holding talks in Athens as a goodwill ambassador.

The 74-year-old was reportedly picked out for the delicate mission by Chancellor Angela Merkel.

Many Greeks hold Mrs Merkel responsible for tough austerity measures being implemented by the Greek government.

Cyprus Banks to Reopen on Thursday After Bailtout Closure

Banks in Cyprus are to reopen on Thursday at 10:00 GMT, 10 days after they closed to prevent a bank run as a controversial bailout was negotiated.

Banks will open their doors between noon and 18:00 local time (10:00-16:00 GMT), the Cypriot central bank said.

Twice as many people are said to be using this
soup kitchen amid the banking crisis

Customers will also be limited to withdrawing 300 euros ($383; £253) a day, to prevent everyone fleeing with their savings.

Earlier, the boss of the Bank of Cyprus was sacked.

"I am telling you that all banks are definitely going to open tomorrow," the Cypriot central bank's Aliki Stylianou said.