Word: debt
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...depend on who you ask. However, it's clear that if levelheaded economic experts are even pondering the viability of Europe's monetary union, the situation is grave indeed. "This is a very deep crisis for the euro and all of Europe because what we have is a terrible debt and deficit problem that virtually all European nations share and no collective structures to deal with any of it," says Philippe Moreau Defarge, a European affairs expert at the French Institute on International Relations. "Europe is being forced to recognize it isn't as rich or as well-organized...
...monetary union was never followed up by political union to coordinate budget and taxation practices and create euro-zone institutions and capacities to help member economies adapt to changes and turmoil. The result is member governments are left very few ways to deal with the current attack on Greek debt and the severe pressure that it's putting on the euro...
...France and Germany - have pledged twice this month to do what's necessary to see Greece through its deficit crisis and defend the common currency. If need be, officials say, that will include a financial bailout of Greece, providing the funds to allow Athens to make its debt payments as the government slashes spending and raises taxes, no matter how unpopular this may be with its taxpayers. (See "In Paris and Berlin, Fury Over a Greek Bailout...
...President's visit, Norton ran a negative ad lambasting the Obama Administration for excessive spending. "We wanted to take advantage of this opportunity of the President coming to town to really make a point that the spending has to stop, the debt has to come down, and that the government health care takeover needs to be shelved," says Nate Strauch, Norton's press secretary, who says Bennet's policies are "in lockstep" with the President's. In remarks at a Denver auditorium, Obama sought to position Bennet as an anti-establishment political neophyte. "Even though Michael Bennet has been serving...
...less inhibited when we are not there, when we are not elected," says Republican Pete Domenici, who retired last year after a 36-year career as a New Mexico Senator that included several important bipartisan accomplishments. He is now leading a U.S. debt-reduction task force with Alice Rivlin, a Democrat who directed the Office of Management and Budget for President Clinton. (Read "Why Washington Is Tied Up in Knots...