Israeli restrictions and closures coupled with the worsening fiscal situation of the Palestinian Authority is causing "lasting damage" to the competitiveness of the Palestinian economy, the World Bank warned on Tuesday.

In a report issued ahead of a meeting of international donors in Brussels on March 19, the World Bank explored the long-term damage to the competitiveness of the economy as a result of the worsening financial crisis facing the Ramallah-based government and the absence of peace talks, which have been stalled since late September 2010.

Data published on Monday confirmed recession in the eurozone's weakest economies last year, breathing new life into a heated debate on whether aggressive austerity measures may come at the cost of economic growth.

The dire individual statistics for Italy, Greece, Portugal and Cyprus come just days ahead of a EU summit where the bloc's leaders are to mull ways to tackle the debt crisis, with countries led by France calling for growth measures while others led by Germany are holding firm for fiscal discipline.

The International Monetary Fund said Monday that it could provide an emergency short-term loan to Egypt if needed, as talks for a longer-term $4.8 billion financing program have bogged down.

But the global crisis lender said that even for a loan from its Rapid Financing Instrument program, Cairo has to show its commitment to a broader reform plan.

Greece's ailing economy contracted by 5.7 percent in the fourth quarter of 2012 in an annual comparison, provisional data from the state statistics agency showed on Monday.

The agency said the contraction was slightly lower than the previous estimate of 6.0 percent for the fourth quarter announced a month ago.

Key gas exporter Qatar has discovered additional reserves of 2.5 trillion cubic feet (68 billion cubic meters) of natural gas in a northern offshore field, media reported on Monday.

The discovery was made in Block 4 North, in North Field at a water depth of around 70 meters (230 feet), newspapers said.

U.S. companies are keeping more of their profits offshore, choosing overseas tax havens amid talk in Washington about closing corporate tax loopholes, The Wall Street Journal reported Monday.

The business newspaper said its analysis of 60 big American companies had found that they had collectively parked a total of $166 billion offshore last year.

Chinese banks cut back lending in February from January, official data showed, due to a tightening of liquidity and fewer working days last month because of the Lunar New Year holiday.

Domestic banks extended 620 billion yuan ($99.3 billion) worth of new loans in February, down from 1.07 trillion yuan in January, the central bank said in a statement on Sunday.

Greece's finance minister was lined up for talks Sunday with the country's international creditors, hours after the Greek reform team was hit by the resignation of two top officials.

The meeting -- mainly focused on job cuts -- will determine whether Athens will claim a loan slice of 2.8 billion euros ($3.6 billion) due at the end of March.

President Barack Obama's pledge to raise the minimum wage by 24 percent has divided economists and businesses who warn it could threaten recent improvements in jobless numbers.

Obama has stated that his administration plans to increase the existing minimum hourly rate from $7.25 to $9, vowing to press ahead with the initiative despite the sequester budget crisis.

Angry workers staged mass demonstrations in Spanish cities on Sunday, protesting the country's high unemployment rate and demanding political reform.

Thousands of demonstrators including health, transport and administrative workers marched in central Madrid and Barcelona, to the din of horns, drums and yells of "Government resign!"