Venezuela will devalue its currency from 4.3 bolivars per dollar to 6.3 bolivars per dollar, Venezuelan Finance Minister Jorge Giordani said Feb. 8 on state television, Bloomberg reported.

The European Union will cut spending for the first time in its history after cuts of 30 billion pounds ($47 billion) over the next seven years were determined Feb. 7 and 8 during overnight talks over the EU budget, Express reported.

A major power failure occurred in Venezuela's Falcon state on Feb. 6, El Universal reported.

Pakistan's federal Cabinet on Jan. 30 approved a government-to-government cooperation agreement with Iran on engineering, procurement and construction work along with financing for the Pakistan segment of the Iran-Pakistan natural gas pipeline, the Daily Times website reported.

Pakistan's federal Cabinet on Jan. 30 approved a deal transferring control of Gwadar Port from Singapore to China, the Daily Times website reported.

Russia has offered assurances that it will assist in any EU bailout of Cyprus, Cypriot President Demetris Christofias said Jan. 30, Reuters reported.

Comments made by French Labor Minister Michel Sapin and calling France "totally bankrupt" were referring to former Prime Minister Francois Fillon, who said in 2007 that the state's financial situation was worrying, Finance Minister Pierre Moscovici said on France Info radio Jan. 28, Bloomberg reported Jan. 29.

Ukrainian President Viktor Yanukovich will visit Turkmenistan in February to discuss the resumption of direct gas supplies, Ukrainian Foreign Minister Leonid Kozhara said Jan. 29, Itar-Tass reported.

Italy may have to implement more fiscal adjustments in 2013, Prime Minister Mario Monti said Jan. 28, Dow Jones reported.