Word: crisises
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Countries aren't supposed to go bankrupt. Governments, after all, are funded by the tax revenues of entire economies, and, since they manage nations, they're not likely to evaporate, Enron-style, in a sudden financial flame out, or close up shop and flee their creditors. That's why lending...
Perhaps, then, it's only fitting that Greek government debt is the biggest threat to global financial stability today. Warning that Greece was in "critical condition," Prime Minister George Papandreou recently said that his country "faces the risk of sinking under its debt." Jitters over a potential Greek default have...
Lee's right to be worried. The debacle in Greece could be a harbinger of a new stage of the financial crisis, one in which irresponsible politicians, not bankers, are the main source of economic turmoil. Across the developed world, sovereign states have amassed potentially unsustainable mountains of debt. The...
To a certain extent, mounting sovereign debt is a natural outcome of the recent recession. As in any downturn, tax revenues shrank but government spending increased to stimulate sagging economies. The result: budget deficits and more borrowing. Expensive banking-sector bailouts made the burden even heavier. That's not automatically...
Nowhere is the urgency to deal with debt greater than in Europe, where it has become the most serious test of the 11-year-old euro-based monetary system. While euro-zone nations use the same currency, there is no mechanism in place to financially aid wayward members. That's...