Word: bail
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...such, the question to ask is not whether Greece ought to receive economic support, but rather from where it should be coming. Interpreting EU treaties in such a way that allows rich member-countries to bail out poorer ones is a step toward integrated eurozone fiscal policy as it necessitates the coercion of the poorer countries’ fiscal policymakers. Although austere German inflation-hawks might disagree, any interventionist French politician-turned-economist would gladly proclaim that fiscal policy is inherently, and rightly, subject to political forces. Indeed, in that country, unlike in Germany and the U.S., elected politicians dictate...
...only institutions with enough money (over $750 billion in lending capacity) to sustainably prop up the Greek economy, but the fund also has unmatched experience in setting troubled economies straight—that, after all, is its purpose. While it is unprecedented for the IMF to bail out a eurozone nation, it has bailed out several EU members including the United Kingdom in 1976 and, more recently, Hungary, Latvia, and Romania in cooperation with...
...much more; power demand is expected to break records as temperatures soar this month. Even with the small amount released, Nguyen Van Thang, director of the agriculture department in Vinh Phuc province, is not hopeful. High temperatures and evaporation are the enemy. "Even if farmers bail every single drop of water to nurture the rice," he says, he fears that a third of the rice crop in his province could be lost. (See TIME's photo-essay "China-Vietnam Border War, 30 Years Later...
...richer member states are understandably hesitant to bail out their flailing colleagues, hesitant at the idea of saving governments that clearly acted as irresponsible economic stewards. Yet they really do not have a choice in the short-term, as any European national failure would absolutely devastate the continent as a whole. In addition, blame does not lie entirely on some admittedly inept governments. While it would be hard to find a country that was managed with as little economic integrity as Greece, all of Europe’s countries had access to easy credit and were members of a very...
...quite World War III, but tension over Greece's debt crisis has ignited a battle of words between Athens and Berlin, reopening old wounds and raising the specter of Nazism. As Greece struggles to avoid default, and Germans debate whether to bail out their spendthrift neighbor, the question of what, if anything, Germany owes Greece for the past has become a topic of bitter debate and angry mutterings in the southern European nation. The row began with a tongue-in-cheek magazine cover in the German magazine Focus. The Venus de Milo - known by Greeks as the Aphrodite for Milos...