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The Associated Press

NEW YORK (AP) â¿¿ ___

Euro in danger, Europe races for debt solution

PARIS (AP) â¿¿ European leaders rushed Monday to stop a rampaging debt crisis that threatened to shatter their 12-year-old experiment in a common euro currency and devastate the world economy.

One proposal gaining prominence would have countries cede some control over their budgets to a central European authority. In a measure of how rapidly the peril has grown, that idea would have been unthinkable even three months ago.

World stock markets, glimpsing hope that Europe might finally be shocked into stronger action, staged a big rally. The Dow Jones industrial average in New York rose almost 300 points. In France, stocks rose 5 percent, the most in a month.

More relevant to the crisis, borrowing costs for European nations stabilized. They had risen alarmingly in recent weeks â¿¿ in Greece, then in Italy and Spain, then across the continent, including in Germany, the strongest economy in Europe.

___

NY judge rejects $285 million SEC-Citigroup agreement

NEW YORK (AP) â¿¿ A judge on Monday used unusually harsh language to strike down a $285 million settlement between Citigroup and the Securities and Exchange Commission over toxic mortgage securities, saying he couldn't tell whether the deal was fair and criticizing regulators for shielding the public from details of the firm's wrongdoing.

U.S. District Judge Jed Rakoff said the public has a right to know what happens in cases that touch on "the transparency of financial markets whose gyrations have so depressed our economy and debilitated our lives." In such cases, the SEC has a responsibility to ensure that the truth emerges, he wrote.

Rakoff said he had spent hours trying to assess the settlement but concluded that he had not been given "any proven or admitted facts upon which to exercise even a modest degree of independent judgment."

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