Word: creditably
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...borrowing heavily on international capital markets, leading Iceland to rack up a $2.7 billion current-account deficit, equivalent to 16% of its GDP; the comparable figure even in the notoriously indebted U.S. is only 5%. In January banks worldwide clamped down on loans in response to the global credit crunch, and investors began to worry that Icelandic banks had leveraged themselves too aggressively. Rumors swirled that the banks would default and that Iceland's central bank, with its modest $2.5 billion reserve, would be hard-pressed to bail them out. As investors pulled out of the market, the Icelandic krona...
...expect to see out of these windows is fire," says Finnur Oddsson, managing director of the Iceland Chamber of Commerce. Instead, he peers out at a $138 million construction project at the University of Reykjavik. Iceland, he points out, has been in this situation before. In early 2006, credit agencies criticized Icelandic banks for their lack of transparency and reliance on international capital markets. Analysts' opprobrium drove the krona down by 25% against the dollar over six months. Yet Iceland never defaulted on a single loan, signaling a disconnect between foreign perception and domestic reality. "We learned our lesson...
...when companies do voluntarily split the CEO and chairman roles, it is frequently in response to poor performance or shareholder pressure - even if the decision is framed as a broader commitment to good corporate governance. In early May, Wachovia, which like many banks has been severely battered by the credit market meltdown, took its chairmanship away from CEO Ken Thompson and gave it to long-time director Lanty Smith. In a statement, Wachovia said it "recognized the importance of strong independent leadership," but Thompson also pointed out that the move would free him "to focus 100% of my time...
Then again, to give Turkish audiences their credit, maybe Ceylan's previous films were just really, really slow. "Viewers have become used to the fast-paced style of ads, music videos and news shows that jump from scene to scene; this manifests itself in an impatience towards films which tease their stories out slowly," says Firat Yucel, editor of the film magazine Altyazi...
...marriage at all, at least not directly. They'll be the child-support cases that arrive out of its corollary, same-sex divorce. "The court would have to recognize the original marriage as valid to enforce the divorce and child support decree - and thus give it full faith and credit," he says...