Word: bailouts
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...keep their folks warm, they spread euros around like there is no tomorrow, especially to their powerful public-employees unions. By the same token, they have been loath to raise taxes, let alone take on entrenched interests. The fallout is right out of the introductory economics textbook. (Read: "Bailout Showdown: Greece and Germany Raise the Stakes...
...commentary of late to say that Angela Merkel, Germany's Chancellor, could be the leader of Europe - but doesn't want the job. When Merkel took on much of the E.U., above all French President Nicolas Sarkozy, with her lonely, stubborn and ultimately victorious campaign against a Greek bailout, she became "Madame Non" in France, and Public Enemy No. 1 in Greece. At home, Joschka Fischer, the Foreign Minister of the government she ousted in 2005, gave her an F for an "extraordinary foreign policy disaster." Germany, he surmised, was no longer the "motor" of European integration, but was rather...
...whoever assumes the helm of ADIA will be of keen interest to Dubai, according to Davidson. Apart from the troubles with the Burj Khalifa, debt-laden Dubai received a $10 billion bailout late last year from Abu Dhabi to pay off the debts of some of its most troubled state-run companies. "Dubai will be hoping that whoever replaces [Sheik Ahmed] will be someone who is more open to assisting Dubai, rather than this drip-feed of financial assistance Abu Dhabi has been giving Dubai, little by little, humiliating them every step of the way," Davidson says. Sheik Ahmed...
...Come to This? The last time Britain felt this bad about itself was in 1976, when soaring inflation and unemployment forced the Labour government to seek a humiliating bailout from the International Monetary Fund. Margaret Thatcher's Conservatives took power in 1979 and went on to abolish exchange controls, cut taxes and engineer the 1986 deregulation of financial markets, known as Big Bang, restoring London's position as one of the world's most important financial centers. Blair's New Labour did nothing to restrict the unfettered growth of the City, as London's financial district is called...
...file for insolvency." And the fiery Greek Deputy Prime Minister, Theodoros Pangalos, accused Germany of betting on rising Greek bond yields. "In allowing monetary and credit institutions to take part in this miserable game, people in Germany are making money," Pangalos said. (See more about the E.U.'s bailout of Greece...