10 November, 2011

CNN Breaking News

Lucas Papademos, a former banker and European Central Bank vice president, has been named prime minister of Greece, the Greek president's office said Thursday.

Papademos replaces Prime Minister George Papandreou, who stepped down amid the nation’s economic crisis. Greece is struggling with a massive debt problem and controversy over a European bailout.

The drama in Greece has shaken international markets, with investors worrying that the bailout deal -- which has stringent austerity measures attached -- may not be implemented.

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Despite meeting for nearly 12 hours Wednesday, the NBA players union and owners were unable to reach a deal to end the lockout.

NBA commissioner David Stern said "nothing was decided today," but both sides will return to the bargaining table on Thursday.

Stern gave the players union until 5 p.m. Wednesday to accept a deal that would give players between 49% and 51% of basketball revenues. If it didn't accept the offer, the NBA would offer another proposal that would offer players 47% of basketball revenues.

The NBA season has been canceled through at least November 30, and the two sides are hoping they can reach a resolution before more games are called off.

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Legendary Penn State coach Joe Paterno and school President Graham Spanier have lost their jobs effective immediately, university trustees announced.

Paterno said earlier in the day that he would retire at the end of the season. Critics had called for him to resign because of his response to allegations brought to him in 2002 by a graduate assistant, who said he had seen retired defensive coordinator Jerry Sandusky, now 67, sexually assaulting a young boy in a shower at the campus football complex.

Paterno reported the allegations to his boss, and Pennsylvania's attorney general said it appeared Paterno had met his obligations under state law.

Sandusky is accused of sexual offenses, child endangerment and "corruption of a minor" involving eight boys, prosecutors said. Two Penn State officials are accused of failing to report the alleged abuse.

The U.S. Department of Education said earlier Wednesday that it will la unch an investigation into whether Penn State properly reported crimes on campus.

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Growing fears about Italy's debt problems hammered stocks in the United States and around the world on Wednesday.

Stocks were hit hard from the open after Italian bond yields spiked above 7%, raising concern that Italy may be headed toward needing a bailout. European officials reportedly said later in the day that a rescue was out of the question, adding to the selling pressure.

The Dow Jones industrial average sank 389 points while the S&P 500 fell 3.9%, and the Nasdaq dropped 3.6%.

The day's selloff puts the S&P 500 and Nasdaq back in negative territory for the year, while the Dow is up just 1.7% in 2011.

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