Word: countryful
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The idea is to borrow money cheaply in one country and invest it in another with higher interest rates and where the currency may be appreciating. Last year a plunging dollar and the Fed's decision to slash rates made the U.S. currency ideal for funding carry trades. For example...
Similarly, Greece and Spain are pushing back against speculators who want to short the euro or use it in carry trades, further depressing the already soft currency. Just this week Spain's Finance Minister, Elena Salgado, flew to London to assure bondholders that her country remains solvent and unveil a...
For weeks, European leaders have dismissed talk of a bailout for debt-plagued Greece, saying the country could tackle its enormous budget problems on its own. Now, however, as fears of a default domino effect in Europe have shaken global confidence in the euro, the continent's major powers are...
The goal now, European officials say, is to try to contain the crisis to keep it from spreading beyond Greece's rocky shores by creating a so-called "firewall" around the country. In Berlin, officials said talks were underway about the possibility of offering loan guarantees to Greece and other...
Back in Greece, the economic news is being followed with obsessive intensity. Widows in black are chattering about "the spread" - the premium investors demand to buy Greek debt - while the country's unions are mustering their strength, hoping to show the government they will not accept pay and benefit cuts...