Portuguese President Anibal Cavaco Silva has voiced support for the country's centre-right coalition government and rejected calls for snap elections to resolve a political crisis shaking the bailed-out nation.

 European central bank chief Mario Draghi said the organisation expects a "very gradual recovery" in the debt-crisis-hit eurozone to start later this year.

 The Washington-based International Monetary Fund on Wednesday said that it plans to offer a three-year loan program in the amount of about 1.34 billion U.S. dollars as part of the latest global rescue program for Cyprus.

 Italy's economic recovery is likely to begin in the third or fourth quarter of 2013, the central bank governor said on Sunday, urging any new government to continue reforms and cut red tape for businesses.