Europe News update

•    Bank of England set to voice fears of wider crisis if Greece defaults Financial policy committee's first risk analysis will focus on global impact of debt emergency(more detail:  http://www.guardian.co.uk/business/2011/jun/18/bank-of-england-voices-fears-wider-crisis-if-greece-defaults)

•   Germany retreats from battle over Greek bailout Angela Merkel seeks peace with European Central Bank over Greek debt crisis (more detail:http://www.guardian.co.uk/business/2011/jun/17/germany-retreats-battle-over-greek-bailout?intcmp=239)
• Italy's credit rating under review by Moody's:Italy's credit rating has been placed on review for possible downgrade by Moody's ratings agency (more detail :http://www.bbc.co.uk/news/business-13818112)
•    IMF warns of increased risks to the world Economy: The International Monetary Fund has warned that the risks facing the world economy have increased  (more detail: http://www.bbc.co.uk/news/business-13806383)
•     US current account deficit widens as oil imports rise: The US current account deficit rose 6.3% to $119.3bn (£74bn) in the    first three months of the year, the Commerce Department has said.    (mo re detail: http://www.bbc.co.uk/news/business-13793962)
•   Pound Weakens Against Dollar Amid Concern Over Pace of Economic Recovery (more detail: http://www.bloomberg.com/news/2011-06-18/pound-weakens-against-dollar-amid-concern-over-pace-of-economic-recovery.html)