Word: crunches
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...past few months, though, Kapitalizm's jaws have snapped shut. The global credit crunch has hit the economies of Eastern Europe hard. In Hungary and Latvia the International Monetary Fund has stepped in with emergency aid. (Latvia's government collapsed anyway.) Currencies have crashed, leading the European Central Bank to help Hungarians and Poles keep paying their foreign currency-denominated mortgages by pumping in euros. The fear now is that the region's banks could collapse, especially if Western banks yank credit lines to eastern subsidiaries. Such a move would be counterproductive. Western banks, particularly in places such as Austria...
With merciless ferocity, the credit crunch has taken its varying toll on each of the European Union’s 27 diverse nations, dashing many semblances of unity among member governments. The need to “stick it out in tough times” is easier said than done. The largest and most threatening fracture divides new EU countries from old and has caused Prime Minister Ferenc Gyurcsany of Hungary to warn against “a new Iron Curtain” that could once again divide the continent. A solution must be formulated to prevent that development...
...Indeed, the strife caused by the credit crunch only heightens the importance of economic unity. A shared currency, cross-national lending, and numerous Western investments in the East intrinsically link the welfares of European countries. Should one country go under, the detrimental effects felt across the whole of Europe would be monumental. To an even greater extent, the well-being of the European Union as a whole depends on the respectable performance of each constituent member. Failure to remain united may breed disillusionment with Western capitalism and leave Eastern Europe dangerously susceptible to Russian influences. Thus, for the sake...
...Tibet and sell arms to what the Chinese regard as a “break-away” province, Taiwan. We compete with China for natural resources and influence in the developing world. Now, the only reliable component of the equation, economic interdependence, is threatened by the global credit crunch, which is closing off China’s export markets and inducing it to spend more of its yuan at home, rather than in buying up U.S. treasury bonds...
...League entered the crunch part of its schedule, few players have stepped up and delivered like Drew Housman.The senior point guard and four-year starter for the Harvard men’s basketball team has been one of the best players in the league over the past couple weekends and his play could not have come at a better time for the Crimson.Housman scored in double figures in each of Harvard’s last six games, during which it has gone an impressive 3-3, including thrilling last minute wins at Penn and against league-leader Cornell.It has been...