Word: britain
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...island buffeted by financial turmoil. When squatters were discovered living in two $20 million Park Lane mansions, it was taken as a powerful reminder of the recessions of the 1970s and 1980s. "There will be lots more people like me in the coming months," said one of the squatters. Britain's opposition Conservative Party says things could get so bad that the country might have to go, cap in hand, to the International Monetary Fund...
...That feeling of impending doom is speeding the collapse in sterling's value, and prompting renewed discussion about whether Britain should ditch the pound for the euro, which this month celebrated its first 10 years...
...sentimental attachment won't fix the problems the country faces today. A feeble pound should eventually give Britain's depressed exporters a boost, but that might not happen until 2010. Because the downturn is global, most manufacturers expect export orders to fall further in the coming months, according to the British employers' organization, the CBI. In the meantime, British holidaymakers used to vacationing in France or Spain are making plans for breaks closer to home. Outside the Bank of England, which moved to its present central London site in 1734, one oil-industry worker with a fondness for European travel...
...bank rescue fund passed Congress, a flood of economists came out against Paulson's plan. Instead, most policy experts advocated a plan to inject capital into the banks by buying preferred shares. The latter strategy would be quicker to implement and would do a better job of stimulating lending. Britain was instituting a similar plan, and it was already gaining praise. So Paulson balked, and by late October the capital-purchase plan was in place. The original TARP was dead in the water. (See the top 10 financial-crisis buzzwords...
...Tuesday, most Zimbabweans were gloomy about the prospects of a resolution. University of Zimbabwe lecturer and political commentator John Makumbe said Tsvangirai had been pressured to accept a "half-baked agreement" before discussing it with his party. He added that he thought the U.S., Britain and Europe would also reject the deal. "Our woes will continue," he said. "The country will continue to be in limbo." In central Harare, newspaper vendor Kingstone Bere accused South Africa and other mediators of siding with Mugabe, adding they were "not concerned about the welfare of Zimbabweans, but about the welfare of Mugabe...