EU finance ministers on Tuesday urged coordinated action to tackle the economic crisis, against a backdrop of increasing criticism over French "protectionist" moves in its auto sector, Agence France-Presse reported. With Europe in a growing recession the ministers agreed to work together on ways to deal with their banks' "toxic assets" which are hampering lending. They also looked at the progress of a €200 billion ($260 billion) stimulus package designed to kick start their ailing economies. Overall the cry went out to avoid the temptation of protectionism at all costs.

Russia's gas price dispute with Ukraine escalated Tuesday, disrupting deliveries to the European Union in the midst of a bitter cold spell, with a number of countries reporting that gas supplies had been suspended or reduced, and Germany predicting a possible shortage, the International Herald Tribune reported. Bulgaria, Romania, Croatia, Macedonia, Turkey, Greece, the Czech Republic and Austria reported that gas supplies had been suspended or reduced after Gazprom, the Russian gas monopoly, reduced gas shipments through Ukraine.

The municipal court in Prague on Friday declared bankruptcy proceedings on glass maker Sklo Bohemia on the application of creditors, the Prague Daily Monitor reported today. Creditors agreed on Friday that bankruptcy is the only possible solution for the debt-ridden company, the company's receiver Helena Horova told the Czech News Agency. Creditors decided on Friday that the company's assets would not be sold as a whole but in parts. Horova said no investor interested in buying the whole glassworks or renewing glass production has appeared.